S. 3471 (112th): A bill to amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals ...

...won by United States athletes.

112th Congress, 2011–2013. Text as of Aug 01, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

S 3471 IS

112th CONGRESS

2d Session

S. 3471

To amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals won by United States athletes.

IN THE SENATE OF THE UNITED STATES

August 1, 2012

Mr. RUBIO 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 eliminate the tax on Olympic medals won by United States athletes.

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

SECTION 1. ELIMINATION OF TAX ON OLYMPIC MEDALS.

    (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 prize or award won by the taxpayer in athletic competition in the Olympic Games.’.

    (b) Effective Date- The amendment made by this section shall apply to prizes and awards received after December 31, 2011.