This bill requires companies and organizations that pay student athletes for use of their name, image, or likeness to withhold 30 percent of those payments for federal income taxes, treating these payments similar to regular wages. The legislation applies to full-time students at colleges and universities who participate in intercollegiate athletics and earn money from endorsement deals or commercial uses of their identity. The withholding requirement takes effect for payments made after December 31, 2027, and includes an exception allowing student athletes to opt out of withholding if they choose. The bill also waives underpayment penalties for student athletes in their first year subject to the withholding requirement and directs the Internal Revenue Service to report to Congress by December 31, 2029, on how well the 30 percent withholding rate works and whether it should be adjusted.