Tax Exemption for Olympic Prize Money
Official: To amend the Internal Revenue Code of 1986 to remove the income limitation on the exclusion from gross income of any medal or prize money won in competition in the Olympic Games or Paralympic Games.
This bill allows Olympic and Paralympic athletes to keep all their prize money without it counting as taxable income. This change helps athletes financially by reducing their tax burden on earnings from competitions.
1. This bill removes the income limit on prize money from the Olympics and Paralympics. 2. Athletes can exclude their medal or prize money from their taxable income. 3. Currently, only a portion of this prize money is tax-free based on income. 4. This change would apply to all Olympic and Paralympic athletes. 5. The bill aims to support athletes by allowing them to keep more of their earnings.
Olympic and Paralympic athletes who earn prize money from their competitions.