For some Olympic and Paralympic athletes who have returned from Rio, a tax break will likely be coming for those who won medals this summer.
The House passed a bill Thursday to eliminate the tax penalties on “prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.” The bill retroactively applies to athletes who won medals at the Olympics and Paralympics, which ended this month.
The tax exemption does not apply to athletes with an adjusted gross income that exceeds $1 million.
Rep. Robert Dold (R-Ill.