[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5946 Enrolled Bill (ENR)]

        H.R.5946

                     One Hundred Fourteenth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

           Begun and held at the City of Washington on Monday,
           the fourth day of January, two thousand and sixteen


                                 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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.