[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3987 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 3987

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


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2014

 Mr. Farenthold (for himself, Mr. Jones, and Mr. Sessions) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

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                                 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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tax Exemptions for American 
Medalists Act of 2014'' or the ``TEAM Act''.

SEC. 2. 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, 2013.
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