H.R.6267 - To amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals won by United States athletes.112th Congress (2011-2012)
|Sponsor:||Rep. Schock, Aaron [R-IL-18] (Introduced 08/01/2012)|
|Committees:||House - Ways and Means|
|Latest Action:||08/01/2012 Referred to the House Committee on Ways and Means.|
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Text: H.R.6267 — 112th Congress (2011-2012)All Bill Information (Except Text)
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Introduced in House (08/01/2012)
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[Congressional Bills 112th Congress] [From the U.S. Government Printing 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. <all>