A bill to amend the Internal Revenue Code of 1954 to exclude from gross income amounts received as prizes in connection with the New York State Olympic lottery.

Makes findings concerning the unavailability in the United States of adequate training facilities for athletes competing in the XII Olympic Winter Games.

Amends the Internal Revenue Code to exclude from gross income prizes won in the New York State olympic lottery established pursuant to the New York State Tax Laws to raise revenue for the maintenance of the sports facilities constructed at Lake Placid.