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H.R. 6287House112th Congress (2011-2013)In Committee

Tax Exemption for American Medalists Act

Sponsored by Laura RichardsonRep. Laura Richardson (D-CA)
Introduced August 2, 2012

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Referred to the House Committee on Ways and Means.

Ways and Means Committee

August 2, 2012

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HouseIntro Referral

Introduced in House

August 2, 2012

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

August 2, 2012

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Introduced in HouseIssued August 2, 2012

I

112th CONGRESS

2d Session

H. R. 6287

IN THE HOUSE OF REPRESENTATIVES

August 2, 2012

Ms. Richardson 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.

1.

Short title

This Act may be cited as the Tax Exemption for American Medalists Act.

2.

Olympic 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 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.