[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5505 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 5505

To amend the Internal Revenue Code of 1986 to exclude from gross income 
    the value of diplomas, medals, and amounts received as part of 
 international awards recognizing individual achievement for physics, 
         chemistry, medicine, literature, economics, and peace.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 19, 2000

  Mr. Hyde (for himself and Mrs. Maloney of New York) 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 
    the value of diplomas, medals, and amounts received as part of 
 international awards recognizing individual achievement for physics, 
         chemistry, medicine, literature, economics, and peace.

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

SECTION 1. EXCLUSION OF INTERNATIONAL ACHIEVEMENT AWARDS FROM GROSS 
              INCOME.

    (a) In General.--Section 74 of the Internal Revenue Code of 1986 
(relating to prizes and awards) is amended by adding at the end the 
following new subsection:
    ``(d) Exception for International Achievement Awards.--Gross income 
does not include the value of any diploma, medal, or amount received as 
an international award for individual achievement in physics, 
chemistry, medicine, literature, economics, or peace.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to prizes and awards after December 31, 1999.
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