OLYMPICS Act

This bill would add a new federal tax equal to 100 percent of the money that U.S. nationals and lawful permanent residents receive for competing in global athletic events on behalf of certain foreign countries. The tax would also apply to sponsorship money received because of, or as an inducement for, such competition. Global athletic events include the Summer and Winter Olympics, the World Cup, the Tour de France, Wimbledon, and other competitions where people represent countries. The covered foreign countries are those defined as "covered nations" under an existing federal defense law. Money subject to this tax would not also count as regular taxable income, and the rule would apply to amounts received after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Andrew Ogles Republican sponsor
• 0 cosponsors