Introduced in House

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

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.