United States Appreciation for Olympians and Paralympians Act

Bill: 114-s-2650
Sponsor: full_name: Sen. Thune, John [R-SD]
Introduced: 2016-03-08
Policy area: Taxation
Subjects: Athletes

Disability and paralysis

Income tax exclusion

Olympic games
Latest action: action_date: 2016-07-12
text: Ordered held at desk.

Summaries:
action_date: 2016-03-08
action_desc: Introduced in Senate
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: 2016-07-12
action_desc: Passed Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><strong>United States Appreciation for Olympians and Paralympians Act</strong></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 or prize money received on account of competition in the Olympic Games or Paralympic Games.</p>

tv_txt: II 114th CONGRESS 2d Session S. 2650 IN THE SENATE OF THE UNITED STATES March 8, 2016 Mr. Thune (for himself, Mr. Schumer , Mr. Gardner , Mrs. Gillibrand , 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. 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: 114th CONGRESS 2d Session S. 2650 IN THE SENATE OF THE UNITED STATES 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 . 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.

Passed the Senate July 12, 2016. Secretary