NJ Lawmakers Propose Tax Exemption For Olympics Cash

Law360, New York (August 10, 2012, 6:47 PM EDT) -- New Jersey Olympians wouldn't have to pay state income taxes on the cash honoraria that come with their medals under proposed legislation that a group of lawmakers announced Friday.

Perhaps caught up in the spirit of this year's games in London, state Assembly members Donna Simon, Jay Webber and Ronald S. Dancer said they are drafting a bill that would ensure that medal winnings no longer count as income under the New Jersey tax code.

“Through years of dedication and commitment, New Jersey's Olympic competitors already...
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