Reps. Steube, Boyle Introduce HUSTLE Act to Help College Athletes Invest NIL Earnings and Build Long-Term Financial Security

WASHINGTON - U.S. Representatives Greg Steube (R-Fla.) and Brendan Boyle (D-Pa.) today introduced the Helping Undergraduate Students Thrive with Long-Term Earnings (HUSTLE) Act, bipartisan legislation that would create first-of-its-kind tax-advantaged investment accounts allowing college athletes to grow their name, image, and likeness (NIL) earnings without federal income tax liability and build lasting financial security. This bill is led in the Senate by Senators Marsha Blackburn (R-Tenn.) and Maria Cantwell (D-Wash.).

"College athletes in Florida and across the country are generating real income from their NIL rights, many for the first time in their lives, but earning income and knowing how to make it last are two very different things," said Rep. Greg Steube. "The HUSTLE Act gives student-athletes a real pathway to invest those earnings, plan for life after athletics, and build long-term financial stability. This is about making sure the opportunity they worked for actually follows them beyond the field or court."

"The NIL era has changed college sports, and federal law needs to catch up. With college athletes now earning over $1 billion every year, more must be done to ensure they are set up for future success," said Rep. Brendan Boyle. "This bipartisan legislation will enable athletes to save for their futures if they so choose and prevent dishonest agents from cheating student-athletes out of their hard-earned money."

"College athletes are now earning billions of dollars from their name, image, and likeness-and rightly so. We must empower these students to safeguard their financial future and protect themselves against rogue agents," said Senator Marsha Blackburn. "The HUSTLE Act would allow college athletes to invest their earnings in a tax-advantaged account that grows over time and strengthens financial education."

"As result of sweeping changes to college sports, this year, student-athletes will receive approximately $1 billion in direct financial benefits from their universities, as well scholarship guarantees and greater support for their mental health and wellbeing." said Tim Buckley, Senior Vice President of External Affairs at NCAA. "The NCAA fully supports providing athletes with more resources to achieve long term financial success."

"The Southeastern Conference is grateful for the continued engagement of lawmakers in addressing the evolving needs of student-athletes," said SEC Commissioner Greg Sankey. "The HUSTLE Act represents a constructive approach by establishing tax-advantaged NIL investment accounts that encourage financial education, long-term savings, and responsible management of earnings. We appreciate Congress's sustained bipartisan commitment to developing national, consistent standards that support student-athletes and enhance their opportunities in this rapidly changing environment."

"At Florida State, we are committed to preparing our student-athletes for success not only in competition, but throughout their lives. As the collegiate athletics landscape continues to evolve, that responsibility extends beyond the field of play to include financial literacy, long-term planning and providing the resources necessary to help student-athletes make informed decisions about their futures," saidVP and Director of Athletics Michael Alford, Florida State University. "We appreciate Representative Steube's leadership on the HUSTLE Act and support legislation that encourages financial education, promotes responsible stewardship of NIL earnings, and creates opportunities for student-athletes to build lasting financial security. Empowering young people with the tools to invest in their futures is consistent with our mission to develop graduates who are prepared to thrive long after their playing careers have ended."

"We have always been committed to providing Gator student-athletes with the resources and support they need to succeed at the University of Florida and long after their time in Gainesville. As college athletics continues to evolve, that commitment increasingly includes additional financial education, responsible planning and preparing student-athletes to maximize the opportunities available to them. We support the HUSTLE Act and appreciate Representative Steube's leadership in advancing legislation that promotes transparency, establishes greater accountability for sports agents and encourages student-athletes to build long-term financial security through saving and investing. These are important steps that can help position student-athletes for success both during their collegiate careers and well into the future," said Florida Athletics.

Background: Name, image, and likeness opportunities have transformed college athletics since the Supreme Court affirmed in 2021 that student-athletes have the right to profit from their NIL. The market has grown rapidly, as NIL deals generated more than $1.2 billion in the 2023-2024 academic year. Projections exceed $2.5 billion by 2025-2026 as revenue sharing takes hold. In a 2022 NCAA survey of over 9,800 athletes, 49% indicated a need for educational resources specifically on tax and financial literacy. In the same study, only 9% of student-athletes had ever met with a financial counselor.

While many student-athletes now earn substantial compensation through endorsements, appearances, social media content, and licensing agreements, they face unique financial planning challenges that the traditional investment products were not designed for.

The HUSTLE Act would establish tax-advantaged NIL Investment Accounts, allowing eligible student-athletes to contribute qualifying NIL earnings into dedicated accounts designed to encourage long-term savings, investing, and financial literacy. Qualified contributions are excluded from taxable income up to the annual gift-tax exclusion limit, and funds may be distributed as long-term capital gains upon graduation or rolled over into an individual retirement account (IRA). Funds may be withdrawn before graduation without penalty for career transition, education, or medical expenses.

The legislation would also allow up to $35,000 in unused NIL account funds to roll over into an IRA or other retirement vehicle once an athlete has been out of college sports for at least one year and would require trustees to provide educational materials on investing, financial planning, and long-term financial security to all participating student-athletes. The U.S. Department of the Treasury would be directed to issue regulations ensuring proper reporting, contribution tracking, and defined qualified expenses.

The full text of the bill is available here.