Section 1 Short title
This Act may be cited as the “Irresponsible Olympic Collaboration Act” or as the “IOC Act”.
Irresponsible Olympic Collaboration Act
A BILL
To amend the Internal Revenue Code of 1986 to eliminate the tax exemption of the International Olympic Committee and similar organizations.
Sec. 2 Elimination of tax exemption for the International Olympic Committee and similar organizations
In general— Section 501 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(s) Elimination of tax exemption for International Olympic Committee and similar organizations—If any organization or entity for any taxable year—
“(1) has the primary purpose of international, multi-sport, athletic competitions, and
“(2) has gross receipts in excess of $100,000,000 for any of the 3 preceding taxable years,”
Special rule for treaties— Nothing in section 894 or 7852(d) of the Internal Revenue Code of 1986 or in any other provision of law shall be construed as permitting an exemption, by reason of any treaty obligation of the United States heretofore or hereafter entered into, from the amendment made by this section.
Effective date— The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.