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

Bill: 113-s-2026
Sponsor: full_name: Sen. Thune, John [R-SD]
Introduced: 2014-02-12
Policy area: Taxation
Subjects: Athletes

Disability and paralysis

Income tax exclusion

Olympic games
Latest action: action_date: 2014-02-12
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2014-02-12
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal or prize money received on account of competition in the Olympic Games or Paralympic Games.</p>

tv_txt: II 113th CONGRESS 2d Session S. 2026 IN THE SENATE OF THE UNITED STATES February 12, 2014 Mr. Thune (for himself, Mr. Rubio , Mr. Schumer , Mr. Kirk , Mrs. Gillibrand , Mr. Wicker , Mr. Hoeven , and Mr. Isakson ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to exclude from gross income any prizes or awards won in competition in the Olympic Games or the Paralympic Games.

1. Olympic and Paralympic 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 and Paralympic 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, 2013.