Tax Exemptions for American Medalists Act of 2015

Bill: 114-hr-2628
Sponsor: full_name: Rep. Farenthold, Blake [R-TX-27]
Introduced: 2015-06-03
Policy area: Taxation
Subjects: Athletes

Income tax exclusion

Olympic games
Latest action: action_date: 2015-06-03
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-06-03
action_desc: Introduced in House
text: <p><strong>Tax Exemptions for American Medalists Act of 2015 or the TEAM Act</strong></p> <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.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 2628 IN THE HOUSE OF REPRESENTATIVES June 3, 2015 Mr. Farenthold (for himself and Mr. Butterfield ) introduced the following bill; which was referred to the Committee on Ways and Means 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.

1. Short title This Act may be cited as the Tax Exemptions for American Medalists Act of 2015 or the TEAM Act . 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. . (b) Effective date The amendment made by this section shall apply to prizes and awards received after December 31, 2014.