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119-hr-7707119th CongressWALLET
OLYMPICS Act
Sponsored By: Representative Ogles, Andrew [R-TN-5]
Introduced
Summary
100 percent tax on earnings for U.S. athletes who compete for certain foreign "entities of concern". It would also tax sponsorship payments tied to that competition and applies to U.S. nationals and lawful permanent residents.
Show full summary
- U.S. athletes: U.S. citizens and lawful permanent residents who compete on behalf of a foreign entity of concern would face a 100 percent tax on amounts they receive for competing and on sponsorships received because of that competition.
- Tax treatment: The bill treats the charge as a tax under subtitle A and says amounts taxed under this rule are excluded from gross income for chapter 1.
- Scope and timing: It covers global athletic events such as the Summer and Winter Olympics, the World Cup, the Tour de France, and Wimbledon when athletes represent countries. "Foreign entity of concern" refers to covered nations as defined in 10 U.S.C. 4872(f)(2). The rule applies to amounts received after enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
100% tax on U.S. athletes competing
If enacted, this bill would impose a new 100% tax on amounts U.S. nationals and lawful permanent residents receive for competing for specified foreign "entities of concern." Taxed amounts would include pay for competing and any sponsorships tied to that competition. Covered events include the Summer and Winter Olympics, the World Cup, Tour de France, Wimbledon, and other competitions where athletes represent countries. The tax would apply to amounts received after the date of enactment, be treated administratively as a subtitle A tax, and amounts taxed this way would be excluded from gross income for chapter 1 purposes.
Sponsors & CoSponsors
Sponsor
Ogles, Andrew [R-TN-5]
TN • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov