Raiders' move to Las Vegas has key financial perk for free agents
Nevada is one of seven U.S. states without an income tax
The Raiders’ upcoming move to Las Vegas will have an immediate impact on team paychecks, and some players are already looking forward to the change, according to general manager Mike Mayock.
The change in pay stems from the change in income tax rates. The Raiders are relocating from California, where residents are subject to one of the highest income tax rates in the country, to Nevada, where there is no state income tax. Mayock said the perk could have a positive impact on the Raiders’ efforts to lure top free agents.
“I think first and foremost, we go from a 13 percent state tax in California to a zero percent state tax in Nevada,” Mayock said on the team’s website. “The players and their agents are very aware of that. I've heard more comments about what our new stadium looks like. You know, that black exterior, the sleekness of it. People are fired up about the Raiders in Vegas.”
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The Raiders’ move to Sin City did not come cheap. The franchise paid a $350 million relocation fee to secure the right to move to Las Vegas.
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Allegiant Stadium, the team’s new facility in Las Vegas, carried a $2 billion price tag, including a contribution of more than $1 billion from team ownership. The stadium is under construction and is scheduled to be ready for the start of the 2020 NFL season.
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Nevada is one of seven U.S. states without an income tax. Historically, teams based in the others, including the Miami Dolphins in Florida and the Dallas Cowboys in Texas, have enjoyed an advantage in free agency because players can keep more of their salaries.
“I think there's a real excitement about [head coach] Jon Gruden leading the Raiders into Las Vegas and it extends financially, extends to our facilities, we're gonna be a first-rate operation in every single facet and I think that energy will trickle through into free agency,” Mayock added.