HUSTLE Act

The HUSTLE Act creates a new type of tax-advantaged savings account specifically for college athletes to manage money earned from their name, image, and likeness. Eligible students at participating colleges can deposit this income into the account without paying taxes on it immediately, provided the funds are used for qualified expenses like education or career transition costs. The bill includes strict rules on how the money can be invested, limits on contribution amounts, and requirements for financial education to help athletes plan for life after their sports careers. Additionally, the account allows athletes to transfer funds to traditional retirement accounts once they are no longer eligible athletes, with a lifetime limit on such conversions.