New Jersey S1192 excludes up to $100,000 of name, image, or likeness compensation for college athletes from gross income tax.
New Jersey S1192 amends the state's gross income tax to exclude certain compensation earned by college athletes for the use of their name, image, or likeness. This exclusion applies to student-athletes participating in intercollegiate sports at four-year institutions of higher education in New Jersey, as defined by the "New Jersey Fair Play Act." The exclusion is capped at $100,000 per taxable year. This act takes effect immediately and applies to taxable years beginning on or after January 1 of the year following its enactment.
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