Republican and Democratic tax writers are interested in changing how collegiate and professional athletics are handled in the tax code — but they’re in the early stages of discussing what those changes might look like.
Members of the House Ways and Means Committee during a nearly four-hour hearing Tuesday expressed a desire to come to a consensus on legislation that could address a wide range of sports-related tax issues. They paid special attention to tax incentives for professional teams and the handling of name, image and likeness income for college athletes.
However, a bipartisan final product doesn’t appear likely soon.
“Sports have always evolved. Our tax code should keep up, and it should evolve in a way that supports communities, protects taxpayers, promotes fair competition, and gives young athletes every opportunity to succeed both on and off the field,” said Rep. Mike Thompson, top Democrat on the panel’s Tax Subcommittee.
“This has been an interesting hearing, Mr. Chairman, but what it tells me is we need a lot more,” Thompson told Ways and Means Chairman Jason Smith, R-Mo.
