This bill was introduced to Nevada’s Assembly in early March 2021 and only took about two months to pass through the Assembly and the Senate, and ultimately, be signed into law. The following components have been spelled out from the Bill:
Sec. 5.
Sec. 6.
Sec. 6.3.
Sec. 6.7.
Now that Student-Athletes will have the ability to profit off of their name, image, and likeness, they have to remain conscious about certain thresholds that could have certain tax consequences. Specific to the State of Nevada:
What is the Nevada NIL Law?
The Nevada NIL Law is an Act relating to education; prohibiting certain entities from compensating a student athlete for the use of the name, image or likeness of the student athlete; providing that a student athlete may be compensated for the use of the name, image or likeness of the student athlete by certain organizations.
When does Nevada NIL Compliance Start?
Nevada NIL started on July 1, 2021, per the NCAA Interim Policies. With the passage of Assembly Bill 254, Nevada State NIL laws will take effect on January 1, 2022.
How does Nevada NIL affect NCAA Student-Athletes?
Nevada NCAA Student-Athletes will be able to earn compensation for the use of her or his name, image, or likeness (NIL) through a multitude of different opportunities. Student-Athletes can now make money for things such as endorsements, sponsorships, appearances, autographs, memorabilia, podcasts, camps, clinics, private lessons, crowdfunding, and many more!
What are Nevada Name, Image, and Likeness Best Practices?
Both athletes and administrators in the State of Nevada should start by making sure they have a proper understanding of the rules and regulations set forth by Assembly Bill 254. A working knowledge of the ‘Dos and Don’ts’ for Nevada NIL will allow all parties to safely and successfully navigate the new landscape. The next most important aspect would be the compliance component of NIL. Not only do students need to make sure they are entering agreements that are compliant with the passed state regulations, but they need to make sure they are transparent with their school to avoid any institutional conflicts.
All institutions with NCAA athletic programs are affected by NIL. In the state of Nevada, the following schools will be affected:
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