US SB3378

Creates tax-exempt NIL (Name, Image, Likeness) investment accounts allowing student-athletes to contribute NIL income and defer taxes until distribution

Annual contribution limit equals the gift tax exclusion amount (currently $18,000), with contributions permitted for up to 5 taxable years while enrolled at a participating institution

Distributions taken after graduation qualify for long-term capital gains tax rates (capped at the amount for unmarried individuals under section 1(h)(1)(B)(i)); early withdrawals taxed as ordinary income plus 10% penalty unless used for qualified expenses like career transition costs, education, or medical expenses

Permits tax-free rollovers to retirement accounts (IRA or Roth IRA) up to $35,000 lifetime after the athlete is no longer eligible for collegiate sports

Amends the Sports Agent Responsibility and Trust Act to require athlete agents to register with a state, caps agent fees at 5% of endorsement contract value, and creates a private right of action for student-athletes against agents who violate the law