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US Proposes Tax Breaks For Olympians

by Mike Godfrey, Tax-News.com, Washington

14 March 2016


US Senators John Thune (R – South Dakota) and Charles Schumer (D – New York) have reintroduced bipartisan legislation that would exempt Team USA from income tax on medals or other prizes awarded to them during the Olympic and Paralympic Games.

"We should extend a warm welcome and congratulations – not a tax bill – to our Olympic and Paralympic champions when they return to the United States," said Thune. "The least we can do in return for these athletes' commitment and patriotism is to allow them to keep what they've earned during the Olympic Games."

"Our Olympian and Paralympic medalists should be worried about breaking world records, not breaking the bank, when they earn a medal," said Schumer. "After a successful and hard fought victory, it's just not right for the United States to welcome these athletes home with a victory tax."

Beginning with the 2016 Olympic Games in Rio de Janeiro, Brazil, the United States Appreciation for Olympians and Paralympians Act would exempt the value of medals won from the athlete's taxable income, as well as prizes awarded through the United States Olympic Committee (USOC), which pays monetary awards to US medal-winning athletes.

It was confirmed that, if enacted, 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.

Thune serves as Chairman of the Committee on Commerce, Science, and Transportation, which oversees the USOC and other sports organizations. Thune and Schumer are also both members of the Senate Finance Committee.

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

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