Imposes a 100% tax on income from competing in global athletic events on behalf of foreign entities of concern.
The OLYMPICS Act amends the Internal Revenue Code to impose a 100% tax on income earned by U.S. nationals or lawful permanent residents from competing in global athletic events on behalf of foreign entities of concern. This includes income from the event itself and any sponsorships related to such participation. The tax applies to events like the Summer Olympics, Winter Olympics, World Cup, Tour de France, and Wimbledon. The amendments take effect for amounts received after the enactment of this Act.
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- Legal Framework
- Critical Issues
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