The ACC could be titled as the “average conference” when looking at the conference’s average state income tax bills.
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If this is your first time stopping by, here are some other articles to get you caught up to speed in the series on the impact state income taxes could have on NCAA recruiting.
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The ACC’s football ($8,252) and basketball ($17,872) athletes would, on average, owe nearly identical what the average NCAA football ($7,333) or basketball ($17,339) athlete would owe in state income taxes.
The ACC could also be qualified as “average” within the league as 9 of the conferences team’s state tax bills vary by only 14% from the largest to the smallest of those 9 teams. Of the 5 football teams that do not belong in that “average” window, 2 of those teams – the Florida schools – boast Top 20 lowest state income tax bills for both their basketball and football athletes.
This is not likely to be welcoming news to the ACC football foes as they must now recruit against not only Florida State’s 2014 BCS Championship Title but also against the fact that FSU can pay Jameis Winston and Co. thousands more in net annual income.
This is not likely to be welcoming news to the ACC football foes as they must now recruit against not only Florida State’s 2014 BCS Championship Title but also against the fact that FSU can pay Jameis Winston and Co. thousands more in net annual income.
While Florida State is the current leader in the ACC football world, paying college athletes may help FSU or Miami also take ACC basketball domination away from the North Carolina powerful trio of North Carolina, Wake Forest, and Duke. For the past 25 years, North Carolina, Wake Forest, or Duke have won 80% of the ACC basketball titles but with FSU or “the U” now able to offer their basketball athletes $20,000 more annually than the Carolina schools can, the ACC basketball dominant powers may soon be shifting.
NOTE:
This article only discusses state income taxes. College athletes would also be subject to federal and local income taxes. Provisions in the federal tax code allow for the deduction of state and local income taxes for certain income thresholds. Given this potential deduction on federal taxes, the variance in total income taxes owed may not be as drastic between conferences and schools. However, for simplicity sake - this article solely focuses on state income taxes.
Estimated football and basketball salaries provided by CNBC's Mark Koba (@MarkKobaCNBC).
This article only discusses state income taxes. College athletes would also be subject to federal and local income taxes. Provisions in the federal tax code allow for the deduction of state and local income taxes for certain income thresholds. Given this potential deduction on federal taxes, the variance in total income taxes owed may not be as drastic between conferences and schools. However, for simplicity sake - this article solely focuses on state income taxes.
Estimated football and basketball salaries provided by CNBC's Mark Koba (@MarkKobaCNBC).
- Estimated football salary: $178,000
- Estimated basketball salary: $375,000
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