114 HR 5946 IH: United States Appreciation for Olympians and Paralympians Act U.S. House of Representatives 2016-09-07 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I114th CONGRESS2d SessionH. R. 5946IN THE HOUSE OF REPRESENTATIVESSeptember 7, 2016Mr. Dold (for himself and Mr. Farenthold) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.

1.

Short title

This Act may be cited as the United States Appreciation for Olympians and Paralympians Act.

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

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, 2015.