I 112th CONGRESS 2d Session H. R. 6250 IN THE HOUSE OF REPRESENTATIVES August 1, 2012 Mr. Farenthold 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.

1.

Olympic medals and USOC prize money excluded from gross income

(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 medal awarded in, or any prize money received from the United States Olympic Committee on account of, 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.