I 112th CONGRESS 2d Session H. R. 6267 IN THE HOUSE OF REPRESENTATIVES August 1, 2012 Mr. Schock (for himself, Ms. Jenkins, and Mr. Poe of Texas) 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 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.