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.

House Bill

H.R. 7731

119th Congress

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 Committee

Introduced:Feb 26, 2026

Primary Sponsor

Michelle Fischbach

R - MN

Cosponsors

0

Quick Stats

Summary

This bill would eliminate income restrictions on the tax exemption for Olympic and Paralympic medal and prize money, allowing all athletes to keep their winnings tax-free regardless of how much they earn. Currently, only athletes making less than $1 million annually qualify for this tax break, meaning wealthier athletes must pay taxes on their Olympic earnings while others don't.

Latest Action

Referred to the House Committee on Ways and Means.

Introduced2/26/2026

StatusReferred to the House Committee on Ways and Means.

ChamberHouse

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Vote Prediction

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.

This bill would eliminate income restrictions on the tax exemption for Olympic and Paralympic medal and prize money, allowing all athletes to keep their winnings tax-free regardless of how much they earn. Currently, only athletes making less than $1 million an

Community Breakdown

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This bill would eliminate income restrictions on the tax exemption for Olympic and Paralympic medal and prize money, allowing all athletes to keep their winnings tax-free regardless of how much they earn. Currently, only athletes making less than $1 million annually qualify for this tax break, meaning wealthier athletes must pay taxes on their Olympic earnings while others don't.

Bill Number: 7731
Introduced: 2/26/2026
Status: Referred to the House Committee on Ways and Means.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: 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.
Bill Number: 7731
Sponsor: No sponsor
Status: Referred to the House Committee on Ways and Means.
Introduced: 2/26/2026
Summary: This bill would eliminate income restrictions on the tax exemption for Olympic and Paralympic medal and prize money, allowing all athletes to keep their winnings tax-free regardless of how much they earn. Currently, only athletes making less than $1 million annually qualify for this tax break, meani

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would eliminate income restrictions on the tax exemption for Olympic and Paralympic medal and prize money, allowing all athletes to keep their winnings tax-free regardless of how much they earn. Currently, only athletes making less than $1 million annually qualify for this tax break, meaning wealthier athletes must pay taxes on their Olympic earnings while others don't.

Last updated: 2/27/2026

Key Points

Main provisions of the bill

All Olympic and Paralympic athletes would be exempt from paying federal taxes on their medal bonuses and prize winnings, regardless of their income level
Currently, athletes earning over $1 million per year must pay taxes on Olympic winnings, while lower-earning athletes are exempt
Medal bonuses from the U.S. Olympic Committee ($37,500 for gold, $22,500 for silver, $15,000 for bronze) would be completely tax-free for all winners
The change would primarily benefit high-profile athletes in lucrative sports who earn significant income from endorsements and professional contracts
Supporters argue all Olympic champions should receive equal tax treatment for representing their country

How This Impacts Americans

Potential effects on citizens and communities

This bill would mainly benefit elite Olympic athletes who already earn substantial incomes from professional sports contracts or endorsement deals. Athletes like gymnasts, swimmers, and basketball players who compete professionally and earn over $1 million annually would no longer pay federal taxes on their Olympic prize money. The vast majority of Olympic and Paralympic athletes, who earn below the current income threshold, already receive this tax benefit and would see no change.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

7731, 119th Congress (2026). "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.". Source: Voter's Right Platform. https://votersright.org/bills/119-hr-7731

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