[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7731 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                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.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 26, 2026

  Mrs. Fischbach (for herself, Mr. Stauber, Ms. Tenney, Mr. Wied, Mr. 
    Kelly of Pennsylvania, and Mr. Hurd of Colorado) introduced the 
 following bill; which was referred to the Committee on Ways and Means

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                                 A BILL


 
    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.

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

SECTION 1. REMOVAL OF INCOME LIMITATION ON EXCLUSION FROM GROSS INCOME 
              OF OLYMPIC AND PARALYMPIC MEDALS AND PRIZE MONEY.

    (a) In General.--Section 74(d) of the Internal Revenue Code of 1986 
is amended to read as follows:
    ``(d) Exception for Olympic and Paralympic Medals and Prizes.--
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.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to prizes and awards received after December 31, 2025.
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