[Congressional Record Volume 162, Number 112 (Tuesday, July 12, 2016)]
[Senate]
[Pages S5010-S5011]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     UNITED STATES APPRECIATION FOR OLYMPIANS AND PARALYMPIANS ACT

  Mr. COTTON. Mr. President, I ask unanimous consent that the Committee 
on Finance be discharged from further consideration of S. 2650 and the 
Senate proceed to its immediate consideration.
  The PRESIDING OFFICER. Without objection, it is so ordered.

[[Page S5011]]

  The clerk will report the bill by title.
  The senior assistant legislative clerk read as follows:

       A bill (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.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. COTTON. Mr. President, I ask unanimous consent that the bill be 
read a third time and passed, the motion to reconsider be considered 
made and laid upon the table, and that the papers be held at the desk.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 2650) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                S. 2650

       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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