Senate Votes To Make Olympic Winnings Off-Limits To IRS

By Jimmy Hoover (July 13, 2016, 3:59 PM EDT) -- The U.S. Senate passed legislation Tuesday that would exempt American Olympic athletes from having to pay federal taxes on medals and other prizes, sending the bill over to the U.S. House of Representatives for further consideration.

The United States Appreciation for Olympians and Paralympians Act passed unamended via unanimous consent. The bill had failed to make it out of the Senate Finance Committee during the last Congress, but was reintroduced by Sens. John Thune, R-S.D., and Chuck Schumer, D-N.Y.

Though it comes just ahead of the 2016 Summer Olympics in Rio de Janeiro, the legislation would also apply to the 2014...

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