Bills · HR 7731
IN COMMITTEE· 119TH CONGRESS
House BillHR 7731Taxation
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.
INTRO FEB 26· LAST ACTION FEB 26
READING
1MIN
COSPONSORS
5
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it changes how the federal government treats the financial achievements of U.S. Olympic and Paralympic athletes. If it becomes law, it means that no American athlete will have to pay federal income tax on the value of their medals or the prize money they receive from the U.S. Olympic Committee, regardless of how much other money they earn.
This could be seen as a way to provide greater recognition and financial support to all U.S. athletes who reach the pinnacle of their sport. If the bill does not pass, the current rule would remain, meaning that higher-earning athletes would continue to pay taxes on these awards, potentially reducing the net financial benefit of their Olympic or Paralympic success.
KEY PROVISIONS
3AI-extractedPROVISION 01
Removes the existing income threshold that makes Olympic and Paralympic medal value and prize money taxable for high-earning athletes.
This ensures that all U.S. Olympic and Paralympic medalists and prize winners, regardless of their total annual income, will not pay federal income tax on these specific awards.
PROVISION 02
States that the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games, will be excluded from gross income.
This clarifies precisely which awards are tax-exempt under the new rule.
PROVISION 03
Establishes an effective date for this change, applying to prizes and awards received after December 31, 2025.
This provides a clear timeframe for when the new tax rules will begin to apply.
SPONSORSHIP
1 + 5
R· Minnesota
YRS IN OFFICE
5
BILLS LED
29
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 5 IND 0
ACTION TIMELINE
2 EVENTSFEB 26
Introduced in House
FEB 26
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 7731
Congress119th
StatusIn Committee
IntroducedFeb 26, 2026
Last actionFeb 26, 2026
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED FEB 26, 2026
House BillHR 7731Taxation
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.
INTRODUCED FEB 26, 2026· LAST ACTION FEB 26, 2026
PASSAGE CHANCES
—%
READING
1 min
COSPONSORS
5
COMPLEXITY
Moderate
