The NFL recently held its 2015 draft in Chicago, Illinois for the first time in 51 years where 256 former college athletes were selected by 32 teams. The three other major professional sports leagues in the United States will conduct their draft next month: MLB (June 8-10), the NBA (June 25) and the NHL (June 26-27). As the newly drafted players begin negotiating and signing their first professional sports contracts, which can be worth millions of dollars for the top selections, properly establishing a state of residency with a low state income tax rate can result in millions of dollars in savings for the highest paid athletes.
Click here to view our white paper on professional athletes: Athlete – State Income Tax Planning.
For more information on state income tax planning for professional athletes, please contact an ARM tax professional.
State income taxes rates by state: