[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3471 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3471

  To amend the Internal Revenue Code of 1986 to eliminate the tax on 
             Olympic medals won by United States athletes.


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                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2012

   Mr. Rubio introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to eliminate the tax on 
             Olympic medals won by United States athletes.

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

SECTION 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.
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