Text: S.2026 — 113th Congress (2013-2014)All Bill Information (Except Text)

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Introduced in Senate (02/12/2014)


113th CONGRESS
2d Session
S. 2026


To amend the Internal Revenue Code of 1986 to exclude from gross income any prizes or awards won in competition in the Olympic Games or the Paralympic Games.


IN THE SENATE OF THE UNITED STATES

February 12, 2014

Mr. Thune (for himself, Mr. Rubio, Mr. Schumer, Mr. Kirk, Mrs. Gillibrand, Mr. Wicker, Mr. Hoeven, and Mr. Isakson) introduced the following bill; which was read twice and referred to the Committee on Finance


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 or the Paralympic Games.

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

SECTION 1. Olympic and Paralympic medals and USOC prize money excluded from gross income.

(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, 2013.