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
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.
This Act may be cited as the
United States Appreciation for Olympians and Paralympians Act.
Olympic and Paralympic medals and USOC prize money excluded from gross income
Section 74 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
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.
The amendment made by this section shall apply to prizes and awards received after December 31, 2015.