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Text of A bill to amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals won by United ...

...won by United States athletes.

This bill was introduced on August 1, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of Aug 1, 2012 (Introduced).

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Source: GPO

II

112th CONGRESS

2d Session

S. 3471

IN THE SENATE OF THE UNITED STATES

August 1, 2012

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.

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.