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

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.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6250 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6250

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2012

Mr. Farenthold 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.

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

SECTION 1. 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, 2011.
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