This bill was introduced to Virginia’s House of Representatives in late July 2021, and took a little under two weeks to pass through the Senate and the House, and ultimately, be signed into law. The following components have been spelled out from the Bill:
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 Virginia:
The Virginia NIL Law is a provision that was added into a budget proposal by the Governor to allow Virginia student athletes to earn compensation from the use of their name, image, or likeness.
Virginia NIL started on July 1, 2021, per the NCAA Interim Policies and with the passage of House Bill 7001, Virginia State NIL laws took effect on August 10, 2021.
Virginia 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 other opportunities!
Both athletes and administrators in the State of Virginia should start by making sure they have a proper understanding of the rules and regulations set-forth by House Bill 7001. A working-knowledge of the ‘Dos and Don’ts’ for Virginia 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 Virginia, the following schools will be affected:
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