U.S. Olympians may not have to pay federal taxes on winnings they bring home this year from Rio.
The IRS can collect thousands of dollars as income from prize money attached to for gold, silver and bronze medals.
The U.S. Olympic Committee gives athletes $25,000 for gold medals, $15,000 for silver and $10,000 for bronze.
In July the U.S. Senate unanimously passed a bill to prevent the IRS from taxing prizes and awards won in Olympic or Paralympic games.
The House of Representatives still has to weigh the legislation.
"To really do our part to help reward these athletes is something that really resonates with a lot of Americans," said Brady Wilson at Americans for Tax Reform.
With Congress in recess, the bill is not likely to become law before the torch is extinguished at the summer games.
It contains a clause to retroactively keep the IRS from taxing winnings from Rio.
About the Author
Keep Reading
The Latest
Featured
