[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7707 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 7707

 To amend the Internal Revenue Code of 1986 to impose a tax on income 
 earned from competing in global athletic events on behalf of foreign 
                          entities of concern.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 25, 2026

  Mr. Ogles introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to impose a tax on income 
 earned from competing in global athletic events on behalf of foreign 
                          entities of concern.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Officially Limiting Yearly Money 
Procured by Individuals Concerning Sportmanship Act'' or as the 
``OLYMPICS Act''.

SEC. 2. TAX ON INCOME EARNED FROM COMPETING IN GLOBAL ATHLETIC EVENTS 
              ON BEHALF OF FOREIGN ENTITIES OF CONCERN.

    (a) In General.--Subtitle D of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new chapter:

  ``CHAPTER 50B--CERTAIN INCOME FOR REPRESENTING FOREIGN ENTITIES OF 
                   CONCERN AT GLOBAL ATHLETIC EVENTS

``Sec. 5000E. Imposition of tax on income earned from competing in 
                            global athletic events on behalf of foreign 
                            entities of concern.

``SEC. 5000E. IMPOSITION OF TAX ON INCOME EARNED FROM COMPETING IN 
              GLOBAL ATHLETIC EVENTS ON BEHALF OF FOREIGN ENTITIES OF 
              CONCERN.

    ``(a) In General.--There is hereby imposed on each covered 
individual for any taxable year a tax equal to 100 percent of the 
amounts received by such individual during such taxable year from--
            ``(1) competing in any global athletic event on behalf of 
        any foreign entity of concern, and
            ``(2) any sponsorships received as a result of, or 
        inducement for, so competing.
    ``(b) Covered Individual.--For purposes of this section--
            ``(1) In general.--The term `covered individual' means any 
        national of the United States or alien lawfully admitted for 
        permanent residence.
            ``(2) Certain terms.--For purposes of paragraph (1), the 
        terms `national of the United States' and `lawfully admitted 
        for permanent residence' have the respective meanings given 
        such terms under section 101 of the Immigration and Nationality 
        Act (8 U.S.C. 1101).
    ``(c) Global Athletic Event.--For purposes of this section, the 
term `global athletic event' means the Summer Olympics, Winter 
Olympics, World Cup, Tour de France, Wimbledon, and any other 
competition in which individuals participate as representatives of 
countries.
    ``(d) Foreign Entity of Concern.--For purposes of this section, the 
term `foreign entity of concern' means any covered nation (as defined 
in section 4872(f)(2) of title 10, United States Code).
    ``(e) Special Rules.--
            ``(1) Administrative provisions.--For purposes of subtitle 
        F, any tax imposed by this section shall be treated as a tax 
        imposed by subtitle A.
            ``(2) Exclusion from gross income.--For purposes of chapter 
        1, the gross income of any covered person for any taxable year 
        shall not include any amount with respect to which tax is 
        imposed under subsection (a).''.
    (b) Clerical Amendment.--The table of chapters for subtitle D of 
such Code is amended by inserting after the item relating to chapter 
50A the following new item:

  ``Chapter 50B--Certain Income for Representing Foreign Entities of 
                  Concern at Global Athletic Events''.

    (c) Effective Date.--The amendments made by this section shall 
apply with respect to amounts received after the date of the enactment 
of this Act.
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