Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal awarded in, or any prize money received from the U.S. Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6359 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 6359
To amend the Internal Revenue Code of 1986 to exclude from gross income
any prizes or awards won in competition in the Olympic Games and
Paralympic Games.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 7, 2012
Mr. Reyes 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 exclude from gross income
any prizes or awards won in competition in the Olympic Games and
Paralympic Games.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. EXCLUSION FROM GROSS INCOME OF OLYMPIC AND PARALYMPIC MEDALS
AND USOC PRIZE MONEY.
(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, 2011.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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