Section 1 Short title
This Act may be cited as the “Tax Exemptions for American Medalists Act of 2014” or the “TEAM Act”.
Tax Exemptions for American Medalists Act of 2014
A BILL
To amend the Internal Revenue Code of 1986 to exclude from gross income any prizes or awards won in competition in the Olympic Games.
Sec. 2 Olympic medals and USOC prize money excluded from gross income
In general— Section 74 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(d) Exception for Olympic medals and prizes—Gross income shall not include 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.”
Effective date— The amendment made by this section shall apply to prizes and awards received after December 31, 2013.