CCH Tax Day Report
Sen. Charles Schumer, D-N.Y., touted his bill, United States Appreciation for Olympians and Paralympians Bill (Sen 2650), at an Olympic Training Center in Lake Placid on August 2. The Senate approved the bill, co-sponsored by Sen. John Thune, R-S.D., by unanimous consent on July 12 (TAXDAY, 2016/07/14, C.1). The measure has been sent to the House for consideration.
If enacted, U.S. Olympians and Paralympians would be permitted to exempt the value of their medals and monetary prizes from their taxable income, Schumer explained to Olympic medalists and Olympic hopefuls at the event. 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,” according to Schumer.
Schumer’s calling comes days before the 2016 Olympic Games are scheduled to begin. “After a successful and hard fought victory, it’s just not right for the U.S. to welcome these athletes home with a tax on that victory, ” Schumer said.
By Jessica Jeane, Wolters Kluwer News Staff
Press Release: Schumer Urges House of Representatives to Immediately Pass Bipartisan Legislation That Will Block IRS from Taxing Olympic Medals; Senator Says Olympic and Paralympic Athletes Should Not Have to Pay a Victory Tax