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Full tax exemption for Olympic and Paralympic medals and prize money

This bill removes the income limit that previously restricted tax exemptions for prize money won by athletes. All U.S. Olympic and Paralympic medalists will now keep their full prize money without paying federal income tax, regardless of their total earnings.
Key points
Removal of the income cap for tax-free Olympic and Paralympic awards.
Full tax exclusion for the value of medals and prize money received from the U.S. Olympic Committee.
The changes apply to all prizes and awards received after December 31, 2025.
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Status:
Introduced
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Additional Information
Print number: 119_HR_7731
Sponsor: Rep. Fischbach, Michelle [R-MN-7]
Process start date: 2026-02-26
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL 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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_7731.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2026-02-26.

What are the main provisions?

Key points include:

  • Removal of the income cap for tax-free Olympic and Paralympic awards.
  • Full tax exclusion for the value of medals and prize money received from the U.S. Olympic Committee.
  • The changes apply to all prizes and awards received after December 31, 2025.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Fischbach, Michelle [R-MN-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-03-21.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes