(Radio Iowa) – Iowa Congressman Randy Feenstra says many college athletes aren’t prepared for the financial reality that comes with earning “Name, Image and Likeness” money.
Three of Feenstra’s children were scholarship players on college teams in the N-A-I-A — and Feenstra says now some N-A-I-A athletes are earning N-I-L money. He says many college athletes don’t understand what expenses they can deduct when filing their taxes.
Feenstra made his comments this week during a U.S. House hearing focused on reviewing federal tax policy for what the committee’s chair called “the multi-billion dollar industry of college sports.” Feenstra spoke with Thad Madden, a former Internal Revenue Service Officer who has become a tax consultant to college athletes who’ve gotten N-I-L payments.
Madden told Feenstra the N-I-L collectives he’s had experience with don’t seem interested in ensuring the athletes understand their finances and it’s up to the universities to provide that financial literacy.
