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.
If you are an Olympic or Paralympic athlete, you could keep more of your prize money without paying taxes on it.
Who this affects
Olympic athletes · Paralympic athletes
What changes is this bill making?
1This bill removes the income limit on prize money from the Olympics and Paralympics.
2Athletes can exclude their medal or prize money from their taxable income.
3Currently, only a portion of this prize money is tax-free based on income.
4This change would apply to all Olympic and Paralympic athletes.
5The bill aims to support athletes by allowing them to keep more of their earnings.
