United States Appreciation for Olympians and Paralympians Act of 2016

Bill: 114-hr-5946
Sponsor: full_name: Rep. Dold, Robert J. [R-IL-10]
Introduced: 2016-09-07
Policy area: Taxation
Subjects: Athletes

Disability and paralysis

Income tax exclusion

Olympic games
Latest action: action_date: 2016-10-07
text: Became Public Law No: 114-239.

Summaries:
action_date: 2016-09-07
action_desc: Introduced in House
text: <p><strong>United States Appreciation for Olympians and Paralympians Act</strong></p> <p>This bill amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value&nbsp;of any medal or prize money received on account of competition in the Olympic Games or Paralympic Games.</p>

action_date: 2016-09-20
action_desc: Reported to House with amendment(s)
text: <p><strong>United States Appreciation for Olympians and Paralympians Act</strong> <b>of 2016</b></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value&nbsp;of any medal awarded or prize money received from the U.S. Olympic Committee on account of competition in the Olympic Games or Paralympic Games. The exclusion does not apply to a taxpayer for any year in which the taxpayer's adjusted gross income exceeds $1 million, or half of that amount in the case of a married individual filing a separate return.</p>

action_date: 2016-09-22
action_desc: Passed House amended
text: <p>(This measure has not been amended since it was reported to the House on September 20, 2016. The summary of that version is repeated here.)</p> <p><strong>United States Appreciation for Olympians and Paralympians Act</strong> <b>of 2016</b></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value&nbsp;of any medal awarded or prize money received from the U.S. Olympic Committee on account of competition in the Olympic Games or Paralympic Games. The exclusion does not apply to a taxpayer for any year in which the taxpayer's adjusted gross income exceeds $1 million, or half of that amount in the case of a married individual filing a separate return.</p>

action_date: 2016-09-29
action_desc: Passed Senate without amendment
text: <p>(This measure has not been amended since it was reported to the House on September 20, 2016. The summary of that version is repeated here.)</p> <p><strong>United States Appreciation for Olympians and Paralympians Act</strong> <b>of 2016</b></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value&nbsp;of any medal awarded or prize money received from the U.S. Olympic Committee on account of competition in the Olympic Games or Paralympic Games. The exclusion does not apply to a taxpayer for any year in which the taxpayer's adjusted gross income exceeds $1 million, or half of that amount in the case of a married individual filing a separate return.</p>

action_date: 2016-10-07
action_desc: Public Law
text: <p>(This measure has not been amended since it was reported to the House on September 20, 2016. The summary of that version is repeated here.)</p> <p><strong>United States Appreciation for Olympians and Paralympians Act</strong> <b>of 2016</b></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value&nbsp;of any medal awarded or prize money received from the U.S. Olympic Committee on account of competition in the Olympic Games or Paralympic Games. The exclusion does not apply to a taxpayer for any year in which the taxpayer's adjusted gross income exceeds $1 million, or half of that amount in the case of a married individual filing a separate return.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5946 IN THE HOUSE OF REPRESENTATIVES AN ACT 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. Short title This Act may be cited as the United States Appreciation for Olympians and Paralympians Act of 2016 . 2. 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 (1) In general 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. (2) Limitation based on adjusted gross income (A) In general Paragraph (1) shall not apply to any taxpayer for any taxable year if the adjusted gross income (determined without regard to this subsection) of such taxpayer for such taxable year exceeds $1,000,000 (half of such amount in the case of a married individual filing a separate return). (B) Coordination with other limitations For purposes of sections 86, 135, 137, 199, 219, 221, 222, and 469, adjusted gross income shall be determined after the application of paragraph (1) and before the application of subparagraph (A). . (b) Effective date The amendment made by this section shall apply to prizes and awards received after December 31, 2015.

Passed the House of Representatives September 22, 2016. Karen L. Haas, Clerk.

tv_txt: I One Hundred Fourteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Monday, the fourth day of January, two thousand and sixteen H. R. 5946 AN ACT 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. Short title This Act may be cited as the United States Appreciation for Olympians and Paralympians Act of 2016 . 2. 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 (1) In general 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. (2) Limitation based on adjusted gross income (A) In general Paragraph (1) shall not apply to any taxpayer for any taxable year if the adjusted gross income (determined without regard to this subsection) of such taxpayer for such taxable year exceeds $1,000,000 (half of such amount in the case of a married individual filing a separate return). (B) Coordination with other limitations For purposes of sections 86, 135, 137, 199, 219, 221, 222, and 469, adjusted gross income shall be determined after the application of paragraph (1) and before the application of subparagraph (A). . (b) Effective date The amendment made by this section shall apply to prizes and awards received after December 31, 2015.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.

tv_txt: I 114th CONGRESS 2d Session H. R. 5946 IN THE HOUSE OF REPRESENTATIVES September 7, 2016 Mr. Dold (for himself and Mr. Farenthold ) 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 or the Paralympic Games.

1. Short title This Act may be cited as the United States Appreciation for Olympians and Paralympians Act . 2. 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, 2015.

tv_txt: II 114th CONGRESS 2d Session H. R. 5946 IN THE SENATE OF THE UNITED STATES September 26, 2016 Received AN ACT 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. Short title This Act may be cited as the United States Appreciation for Olympians and Paralympians Act of 2016 . 2. 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 (1) In general 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. (2) Limitation based on adjusted gross income (A) In general Paragraph (1) shall not apply to any taxpayer for any taxable year if the adjusted gross income (determined without regard to this subsection) of such taxpayer for such taxable year exceeds $1,000,000 (half of such amount in the case of a married individual filing a separate return). (B) Coordination with other limitations For purposes of sections 86, 135, 137, 199, 219, 221, 222, and 469, adjusted gross income shall be determined after the application of paragraph (1) and before the application of subparagraph (A). . (b) Effective date The amendment made by this section shall apply to prizes and awards received after December 31, 2015.

Passed the House of Representatives September 22, 2016. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 595 114th CONGRESS 2d Session H. R. 5946 [Report No. 114–762] IN THE HOUSE OF REPRESENTATIVES September 7, 2016 Mr. Dold (for himself and Mr. Farenthold ) introduced the following bill; which was referred to the Committee on Ways and Means September 20, 2016 Additional sponsors: Mr. Turner , Mr. Cramer , Mr. Perry , Mr. Rodney Davis of Illinois , Ms. Linda T. Sánchez of California , Mrs. Comstock , Ms. Stefanik , Mr. Heck of Nevada , Mr. Costello of Pennsylvania , Mr. Thompson of California , and Mr. Young of Alaska September 20, 2016 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on September 7, 2016 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. Short title This Act may be cited as the United States Appreciation for Olympians and Paralympians Act of 2016 . 2. 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 (1) In general 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. (2) Limitation based on adjusted gross income (A) In general Paragraph (1) shall not apply to any taxpayer for any taxable year if the adjusted gross income (determined without regard to this subsection) of such taxpayer for such taxable year exceeds $1,000,000 (half of such amount in the case of a married individual filing a separate return). (B) Coordination with other limitations For purposes of sections 86, 135, 137, 199, 219, 221, 222, and 469, adjusted gross income shall be determined after the application of paragraph (1) and before the application of subparagraph (A). . (b) Effective date The amendment made by this section shall apply to prizes and awards received after December 31, 2015.

September 20, 2016 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed