[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3577 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 3577

    To amend the Internal Revenue Code of 1986 to eliminate the tax 
     exemption of the International Olympic Committee and similar 
                             organizations.


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                   IN THE SENATE OF THE UNITED STATES

                            February 3, 2022

  Mr. Scott of Florida 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 eliminate the tax 
     exemption of the International Olympic Committee and similar 
                             organizations.

    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 ``Irresponsible Olympic Collaboration 
Act'' or as the ``IOC Act''.

SEC. 2. ELIMINATION OF TAX EXEMPTION FOR THE INTERNATIONAL OLYMPIC 
              COMMITTEE AND SIMILAR ORGANIZATIONS.

    (a) In General.--Section 501 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(s) Elimination of Tax Exemption for International Olympic 
Committee and Similar Organizations.--If any organization or entity for 
any taxable year--
            ``(1) has the primary purpose of international, multi-
        sport, athletic competitions, and
            ``(2) has gross receipts in excess of $100,000,000 for any 
        of the 3 preceding taxable years,
such organization shall not be treated as described in subsection 
(c)(4) for such taxable year; and no successor of any organization or 
entity which was described in such subsection and ceases to be so 
described by reason of the enactment of this subsection shall be 
treated as described in any paragraph of subsection (c) for any 
subsequent taxable year.''.
    (b) Special Rule for Treaties.--Nothing in section 894 or 7852(d) 
of the Internal Revenue Code of 1986 or in any other provision of law 
shall be construed as permitting an exemption, by reason of any treaty 
obligation of the United States heretofore or hereafter entered into, 
from the amendment made by this section.
    (c) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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