Overlooked Tennessee Recruiting Tool?

#1
WoodsmanVol

WoodsmanVol

It takes wisdom to understand wisdom.
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#1
I wonder if our coaches and recruiting staff make use of the fact that Tennessee doesn't tax personal income? As a consequence, this might be further inducement for portal transfers to select the UT since their NIL income won't be taxed. If it isn't, that should be an applied pitch to lure and sign portal people. Just a random, crazy thought.
 
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#3
#3
WoodsmanVol said:
I wonder if our coaches and recruiting staff make use of the fact that Tennessee doesn't tax personal income? As a consequence, this might be further inducement for portal transfers to select the UT since their NIL income won't be taxed. If it isn't, that should be an applied pitch to lure and sign portal people. Just a random, crazy thought.
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I've heard it mentioned
 
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#6
#6
TnScooby said:
The Titans, Preds & Nashville SC use it to help sweeten deals..I think you're onto a likely Vol pitch WV....
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As Scooby said, the Nashville pro teams use this to pay a little less because the players get to keep more of what they earn. I'm sure that the folks at Spyre that set up the NIL deals have been all over this aspect of it from the beginning. Great to be a Tennessean for more reasons than one.
 
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#7
#7
Since students aren’t considered full time residents I wonder if they would still be taxed by their home state?

Any tax accountants on the board?
 
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#8
#8
Recruiting Forum topic

Most taxpayers live and work in a single state and file a resident state income tax return there, if required. However, taxpayers who earn wages or income in one or more states other than where they live may be required to file state income tax returns in those states as well—unless, of course, a state is a no-income-tax state.

Nico:
If you lived inside or outside of California during the tax year, you may be a part-year resident.

As a part-year resident, you pay tax on:

  • All worldwide income received while a California resident
  • Income from California sources while you were a nonresident
 
#9
#9
WillisWG said:
Recruiting Forum topic

Most taxpayers live and work in a single state and file a resident state income tax return there, if required. However, taxpayers who earn wages or income in one or more states other than where they live may be required to file state income tax returns in those states as well—unless, of course, a state is a no-income-tax state.

Nico:
If you lived inside or outside of California during the tax year, you may be a part-year resident.

As a part-year resident, you pay tax on:

  • All worldwide income received while a California resident
  • Income from California sources while you were a nonresident
Click to expand...
Blood suckers!
 
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#10
#10
WoodsmanVol said:
I wonder if our coaches and recruiting staff make use of the fact that Tennessee doesn't tax personal income? As a consequence, this might be further inducement for portal transfers to select the UT since their NIL income won't be taxed. If it isn't, that should be an applied pitch to lure and sign portal people. Just a random, crazy thought.
Click to expand...
Must be y Gaston came here to be our Qb
 
#12
#12
WillisWG said:
Recruiting Forum topic

Most taxpayers live and work in a single state and file a resident state income tax return there, if required. However, taxpayers who earn wages or income in one or more states other than where they live may be required to file state income tax returns in those states as well—unless, of course, a state is a no-income-tax state.

Nico:
If you lived inside or outside of California during the tax year, you may be a part-year resident.

As a part-year resident, you pay tax on:

  • All worldwide income received while a California resident
  • Income from California sources while you were a nonresident
Click to expand...

If I was Nico I be gettin rid of the Californian stank
 
#13
#13
arkivol said:
If I was Nico I be gettin rid of the Californian stank
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There’s a lot of hoops to jump through when changing your permanent residence as a student. It’s not as easy as going to the DMV and getting a new license. I know this because not jumping through said hoops cost me a few gs courtesy of the state of Texas a long time ago.
 
#15
#15
Student athletes are treated as independent contractors for tax persons. They will have to pay federal income tax as well as the employee and employer portions of social security and medicare.

Generally, the students home state is where they came from, not where they attend school. A California resident that plays at Tennessee will pay taxes to California. A Tennessee resident that plays in California, will not pay California. This is generally speaking. Things can get complicated real quick depending on where the NIL money is coming from. One might wind up paying taxes to multiple states.

Many states have enacted special NIL laws to deal specifically with the tax implications.
 
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#16
#16
Tennessee isn't unique in this. Florida, Texas, and a handful of other states do not tax income, either.

So it's not as universal an advantage as you might think. If we're competing with Florida, FSU, Miami, A&M, TCU, Texas, Baylor, or any of a dozen other schools for the recruit, it's no advantage at all.

Oh, and: this subject is brought up once every year or two. You haven't noticed any previous versions of the thread?
 
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