[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2650 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 2650

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.


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                   IN THE SENATE OF THE UNITED STATES

                             March 8, 2016

Mr. Thune (for himself, Mr. Schumer, Mr. Gardner, Mrs. Gillibrand, and 
 Mr. Isakson) 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 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''.

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.--
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.
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