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

Removes the income cap so that the value of any medal or prize money awarded by the United States Olympic Committee for Olympic or Paralympic competition is excluded from federal gross income without regard to the recipient's other income. The exclusion applies to medals and prize money received after December 31, 2025.

• Removes the income-based limitation on excluding USOC medals and prize money from federal gross income.
• Applies to medals and prize money for Olympic and Paralympic competition.
• Effective for prizes and awards received after December 31, 2025.
• Amends 26 U.S.C. § 74(d) to make the exclusion apply regardless of recipient income.
• Lowers taxable income for affected athletes and recipients of USOC awards.
• Likely reduces federal income tax receipts modestly (a targeted tax expenditure).
• Requires IRS and payors to update reporting and administration for these awards.
• Narrow in scope — it affects USOC-related Olympic and Paralympic awards only.