Pub. L. 114-239 - United States Appreciation for Olympians and Paralympians Act of 2016

114th Congress

Affects: 26 U.S.C. §§

SECTION 1. SHORT TITLE.

This Act may be cited as the “United States Appreciation for Olympians and Paralympians Act of 2016”.

SEC. 2. OLYMPIC AND PARALYMPIC MEDALS AND USOC PRIZE MONEY EXCLUDED FROM GROSS INCOME.

(a) Section 74 of the Internal Revenue Code of 198626 USC 74. is amended by adding at the end the following new subsection:

(a)“(d)“(1) Gross income shall not include the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.

(a)“(d)“(2)“(A) Paragraph (1) shall not apply to any taxpayer for any taxable year if the adjusted gross income (determined without regard to this subsection) of such taxpayer for such taxable year exceeds $1,000,000 (half of such amount in the case of a married individual filing a separate return).

(a)“(d)“(2)“(B) For purposes of sections 86, 135, 137, 199, 219, 221, 222, and 469, adjusted gross income shall be determined after the application of paragraph (1) and before the application of subparagraph (A).”

(a) .

(b) The amendment made by this section shall apply to prizes and awards received after December 31, 2015.

Legislative History

LEGISLATIVE HISTORY—H.R. 5946 (S. 2650):

CONGRESSIONAL RECORD, Vol. 162 (2016):

Sept. 20, 22, considered and passed House.

Sept. 29, considered and passed Senate.