Congress·In Committee·H.R. 7731
To amend the Internal Revenue Code of 1986 to remove 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.
Olympic Medals: Removing Taxes on Prize Money
Legislative Progress
House
Key Points
- This bill changes the tax law so that U.S. athletes do not have to pay federal income taxes on the medals they win or the prize money they receive from the U.S. Olympic Committee.
- Currently, only athletes who earn less than a certain amount of money get this tax break. This proposal would remove that income limit, making the awards tax-free for every athlete, including those with high-paying sponsorships.
- Supporters believe that athletes who represent the country should be able to keep their full winnings to help pay for their expensive training, equipment, and travel costs.
- If it becomes law, these new tax rules would apply to any Olympic or Paralympic prizes received after December 31, 2025.
Impact Analysis
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Milestones
2 milestones2 actions
Feb 26, 2026
Referred to the House Committee on Ways and Means.
Feb 26, 2026
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
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Source Information
Document Type
Congressional Bill
Official Title
To amend the Internal Revenue Code of 1986 to remove 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.
Bill NumberHR 7731
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Ways and Means.
Data Sources
Sponsor
Cosponsors
(5)R: 5
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