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Congress·In Committee·H.R. 7731

Olympic Medals: Removing Taxes on Prize Money

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.

23 days ago·View on Congress.gov

Legislative Progress

House
Senate
President
Law

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.

Milestones

2 milestones2 actions
Feb 26, 2026House

Referred to the House Committee on Ways and Means.

Feb 26, 2026

Introduced in House

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.

Sponsor

Cosponsors

(5)
R: 5

Analysis generated by AI. Always verify with official sources.