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Saturday July 23, 2016

Washington News

Washington Hotline

No Tax on Olympic Medals

With a unanimous voice vote, the Senate on July 12 passed the United States Appreciation for Olympians and Paralympians Act (S. 2650). The bill was cosponsored by Sen. John Thune (R-SD) and Sen. Chuck Schumer (D-NY).

The bill excludes the value of Olympic medals and other prizes from federal taxation. It has been sent to the House of Representatives for passage.

Thune stated, “Our Olympic and Paralympic champions dedicate their lives to training to compete on the world stage, making numerous sacrifices for themselves and families along the way. They put in all of that time and hard work for the opportunity to earn a medal, and if they are successful, the pride of bringing it home. Having this bill signed into law would mean victorious athletes from Team USA won’t have to worry about a new tax burden and instead can focus on the warm welcome and congratulations from a grateful nation.”

Sen. Schumer continued, “Our Olympian and Paralympian medalists should be worried about breaking world records, not breaking the bank, when they earn a medal. After a successful and hard fought victory, it is just not right for the United States to welcome these athletes home with a victory tax. I am hopeful that this bill will earn strong bipartisan support and quickly become law.”

Editor’s Note: The Olympic gold, silver, and bronze medals that will be awarded this August may have very substantial collector’s value. In addition, the United States Olympic Committee also pays monetary awards to winning athletes. Both the value of the medals and the awards will be tax exempt under this bill. Passage in the House is expected to occur prior to the start of the Olympic Games on August 5.

Published July 15, 2016
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