[114th Congress Public Law 239]
[From the U.S. Government Publishing Office]



[[Page 130 STAT. 973]]

Public Law 114-239
114th Congress

                                 An Act


 
To amend the Internal Revenue Code of 1986 to exclude from gross income 
  any prizes or awards won in competition in the Olympic Games or the 
        Paralympic Games. <<NOTE: Oct. 7, 2016 -  [H.R. 5946]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: United States 
Appreciation for Olympians and Paralympians Act of 2016.>> 
SECTION 1. <<NOTE: 26 USC 1 note.>>  SHORT TITLE.

    This Act may be cited as the ``United States Appreciation for 
Olympians and Paralympians Act of 2016''.
SEC. 2. OLYMPIC AND PARALYMPIC MEDALS AND USOC PRIZE MONEY 
                    EXCLUDED FROM GROSS INCOME.

    (a) In General.--Section 74 of the Internal Revenue Code of 
1986 <<NOTE: 26 USC 74.>>  is amended by adding at the end the following 
new subsection:

    ``(d) Exception for Olympic and Paralympic Medals and Prizes.--
            ``(1) In general.--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.
            ``(2) Limitation based on adjusted gross income.--
                    ``(A) In general.--Paragraph (1) shall not apply to 
                any taxpayer for any taxable year if the adjusted gross 
                income (determined without regard to this subsection) of 
                such taxpayer for such taxable year exceeds $1,000,000 
                (half of such amount in the case of a married individual 
                filing a separate return).
                    ``(B) <<NOTE: Determination.>>  Coordination with 
                other limitations.--For purposes of sections 86, 135, 
                137, 199, 219, 221, 222, and 469, adjusted gross income 
                shall be determined after the application of paragraph 
                (1) and before the application of subparagraph (A).''.

    (b) <<NOTE: 26 USC 74 note.>>  Effective Date.--The amendment made 
by this section shall apply to prizes and awards received after December 
31, 2015.

    Approved October 7, 2016.

LEGISLATIVE HISTORY--H.R. 5946 (S. 2650):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 114-762 (Comm. on Ways and Means).
CONGRESSIONAL RECORD, Vol. 162 (2016):
            Sept. 20, 22, considered and passed House.
            Sept. 29, considered and passed Senate.

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