This bill proposes to exclude from New Jersey's gross income tax any compensation earned by college athletes for the use of their name, image, or likeness, in accordance with the New Jersey Fair Play Act. Specifically, it allows taxpayers who are student-athletes at four-year institutions of higher education in the state to exclude up to $100,000 of such compensation from their gross income during any taxable year in which they participate in intercollegiate athletics.

The legislation aims to support college athletes by ensuring they can earn compensation without it impacting their tax obligations. It reinforces the provisions of the New Jersey Fair Play Act, which prohibits institutions from restricting student-athletes from earning money through their personal branding. The bill is set to take effect immediately and will apply to taxable years starting on or after January 1 of the year following its enactment.