[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6359 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6359

To amend the Internal Revenue Code of 1986 to exclude from gross income 
   any prizes or awards won in competition in the Olympic Games and 
                           Paralympic Games.


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                    IN THE HOUSE OF REPRESENTATIVES

                             August 7, 2012

  Mr. Reyes 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 and 
                           Paralympic Games.

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

SECTION 1. EXCLUSION FROM GROSS INCOME OF OLYMPIC AND PARALYMPIC MEDALS 
              AND USOC PRIZE MONEY.

    (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 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.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to prizes and awards received after December 31, 2011.
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