Congress sends bill eliminating Olympic medal tax to Obama
The Senate signed off Thursday on making many Olympians’s medals and prize money exempt from taxes, sending the measure to President Obama’s desk.
The legislation — which cleared the House last week — would eliminate federal taxes on the value of Olympians’ and Paralympians’ medals, as well as prize money provided by the U.S. Olympic Committee.
{mosads}The Senate in July passed legislation from Sens. Charles Schumer (D-N.Y.) and John Thune (R-S.D.), but it did not include a provision excluding people with an income of more than $1 million from the tax emption.
Because the provision on millionaires is included in the House bill, the Senate had to pass the House legislation before it left Washington if lawmakers wanted to get the legislation to Obama’s desk before mid-November.
The House skipped town Wednesday and won’t return until Nov. 14.
Rep. Bill Pascrell (D-N.J.), who had offered the amendment, said last week that the proposal “honors our Olympic athletes while making sure our highest-paid professional sports stars continue to pay their fair share.”
Schumer, urging the House to pass legislation in August, argued at the time that lawmakers should make sure “athletes don’t get hit with a tax bill for winning.”
“After a successful and hard fought victory, it’s just not right for the U.S. to welcome these athletes home with a tax on that victory,” he added.
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Log Reg
