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Schumer Plugs Tax Breaks For US Olympians

by Mike Godfrey, Tax-News.com, Washington

04 August 2016


US Senator Charles Schumer (D – New York) has urged the House of Representatives to pass bipartisan legislation already been endorsed by the Senate, that would exempt Team USA from income tax on medals or other prizes awarded to them during the Olympic and Paralympic Games.

During a visit to the Olympic Training Center in Lake Placid, he said: "Our Olympian and Paralympic athletes should be worried about breaking world records, not breaking the bank, when they earn a medal. Most countries subsidize their athletes; the very least we can do is make sure our athletes don't get hit with a tax bill for winning."

He pointed out that the value of medals won, as well as the cash prizes awarded by the US Olympic Committee, are presently considered "earned income abroad" and therefore subject to federal taxation. Beginning with the 2016 Olympic Games in Rio de Janeiro, Brazil, the United States Appreciation for Olympians and Paralympians Act, if enacted, would allow US medal winners to remove the value of medals and the prizes from their taxable income.

Schumer added the bill would have a negligible effect on federal revenue and would not affect taxes on any potential endorsement or sponsorship income earned by Olympic athletes.

TAGS: individuals | tax | law | sportsmen | legislation | United States | tax breaks | individual income tax

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