HR 6287 IH

To amend the Internal Revenue Code of 1986 to exclude from gross income any prizes or awards won in competition in the Olympic Games and Paralympic Games.

August 2, 2012

Ms. RICHARDSON introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to exclude from gross income any prizes or awards won in competition in the Olympic Games and Paralympic Games.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Tax Exemption for American Medalists Act’.

SEC. 2. OLYMPIC MEDALS AND USOC PRIZE MONEY EXCLUDED FROM GROSS INCOME.

(a) In General- Section 74 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

‘(d) Exception for Olympic Medals and Prizes- Gross income shall not include the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.’.

(b) Effective Date- The amendment made by this section shall apply to prizes and awards received after December 31, 2011.