To amend the Internal Revenue Code of 1986 to remove the income limitation on the exclusion from gross income of any medal or prize money won in competition in the Olympic Games or Paralympic Games.

# Summary of HR 7731 **What the Bill Would Do** This bill would change federal tax law to allow Olympic and Paralympic medal winners to exclude all their prize money from their taxable income, without any income limit. Currently, U.S. tax code allows athletes to exclude medal and prize money, but only if their total income stays below a certain threshold (currently around $1 million). This bill would remove that cap entirely, meaning even high-earning athletes could exclude their Olympic winnings from federal taxes. **Who It Affects** The bill primarily affects U.S. athletes who compete in the Olympic and Paralympic Games.

In practice, this would benefit a relatively small number of people—primarily elite athletes who win medals and whose overall income might otherwise exceed the current exclusion limit. The bill would reduce federal tax revenue from these athletes, though the financial impact would likely be modest given the small number of people involved. **Current Status** HR 7731 is currently in committee, meaning it has been introduced but has not yet been voted on by the full House of Representatives. The bill was sponsored by Representative Michelle Fischbach, a Republican from Minnesota. No action has been taken on the bill at this time.