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H.R. 2628House114th Congress (2015-2017)In Committee

TEAM Act

Sponsored by Blake FarentholdRep. Blake Farenthold (R-TX)
Introduced June 3, 2015

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

Ways and Means Committee

June 3, 2015

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HouseIntro Referral

Introduced in House

June 3, 2015

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

June 3, 2015

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Introduced in HouseIssued June 3, 2015

I

114th CONGRESS

1st Session

H. R. 2628

IN THE HOUSE OF REPRESENTATIVES

June 3, 2015

Mr. Farenthold (for himself and Mr. Butterfield) 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.

1.

Short title

This Act may be cited as the Tax Exemptions for American Medalists Act of 2015 or the TEAM 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.

.

(b)

Effective date

The amendment made by this section shall apply to prizes and awards received after December 31, 2014.