[United States Statutes at Large, Volume 130, 114th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]


Public Law 114-239
114th Congress

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.

Approved October 7, 2016.

LEGISLATIVE HISTORY--H.R. 5946 (S. 2650):
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HOUSE REPORTS: No. 114-762 (Comm. on Ways and Means).
CONGRESSIONAL RECORD, Vol. 162 (2016):
Sept. 20, 22, considered and passed House.
Sept. 29, considered and passed Senate.