Isakson Co-Sponsoring Bill to Prevent Olympic Medal Tax - Local news, weather, sports Savannah | WSAV On Your Side

Isakson Co-Sponsoring Bill to Prevent Olympic Medal Tax

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WASHINGTON D.C. -

Georgia Senator Johnny Isakson is co-sponsoring legislation to prevent Team USA athletes from paying taxes on their Olympic medals.  The bill would amend a section of the Internal Revenue Code to state that the "gross income" for Olympic and Paralympic athletes does not include the value of any medals or prize money they win while competing in Sochi.  Endorsements or sponsorship earned later as a result of their success at the Olympic games is not exempt, however.

S. 2026 would bring the United States in line with the majority of developed nations who do not tax their Olympic athletes who come home with medals.

"I congratulate all of our Olympic and Paralympicmedalists who have dedicated their own time and money to compete on behalf ofour nation," said Isakson. "They should be welcomed as heroes, nothanded a tax bill, when they return home from competition. This legislation isjust the right thing to do."

The bi-partisan legislation would begin with the current Olympic games.

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