To amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals won by United States athletes.

Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any prize or award won in athletic competition in the Olympic Games.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6267 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6267

  To amend the Internal Revenue Code of 1986 to eliminate the tax on 
             Olympic medals won by United States athletes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2012

Mr. Schock (for himself, Ms. Jenkins, and Mr. Poe of Texas) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to eliminate the tax on 
             Olympic medals won by United States athletes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ELIMINATION OF TAX ON OLYMPIC MEDALS.

    (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 Medals and Prizes.--Gross income shall 
not include the value of any prize or award won by the taxpayer in 
athletic competition in the Olympic Games.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to prizes and awards received after December 31, 2011.
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