H.R. 6359 (112th): 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.

112th Congress, 2011–2013. Text as of Aug 07, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

HR 6359 IH

112th CONGRESS

2d Session

H. R. 6359

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.

IN THE HOUSE OF REPRESENTATIVES

August 7, 2012

Mr. REYES 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 and Paralympic Games.

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

SECTION 1. EXCLUSION FROM GROSS INCOME OF OLYMPIC AND PARALYMPIC MEDALS AND USOC PRIZE MONEY.

    (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, 2011.