[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5946 Engrossed in House (EH)]

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114th CONGRESS
  2d Session
                                H. R. 5946

_______________________________________________________________________

                                 AN ACT


 
To amend the Internal Revenue Code of 1986 to exclude from gross income 
  any prizes or awards won in competition in the Olympic Games or the 
                           Paralympic 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 ``United States Appreciation for 
Olympians and Paralympians Act of 2016''.

SEC. 2. OLYMPIC AND PARALYMPIC 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 and Paralympic Medals and Prizes.--
            ``(1) In general.--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.
            ``(2) Limitation based on adjusted gross income.--
                    ``(A) In general.--Paragraph (1) shall not apply to 
                any taxpayer for any taxable year if the adjusted gross 
                income (determined without regard to this subsection) 
                of such taxpayer for such taxable year exceeds 
                $1,000,000 (half of such amount in the case of a 
                married individual filing a separate return).
                    ``(B) Coordination with other limitations.--For 
                purposes of sections 86, 135, 137, 199, 219, 221, 222, 
                and 469, adjusted gross income shall be determined 
                after the application of paragraph (1) and before the 
                application of subparagraph (A).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to prizes and awards received after December 31, 2015.

            Passed the House of Representatives September 22, 2016.

            Attest:

                                                                 Clerk.
114th CONGRESS

  2d Session

                               H. R. 5946

_______________________________________________________________________

                                 AN ACT

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