Federal HB7731 would remove the income limitation on the exclusion from gross income of Olympic and Paralympic medals and prize money.
Federal HB7731 proposes to amend the Internal Revenue Code of 1986 to eliminate the income limitation on the exclusion from gross income of any medal or prize money won in competition in the Olympic Games or Paralympic Games. This bill would ensure that the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in these games is not included in gross income. The amendment would apply to prizes and awards received after December 31, 2025.
The filed bill text is too short for analysis.