Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act

“50B Certain income for representing foreign entities of concern at global athletic events

“5000E. Imposition of tax on income earned from competing in global athletic events on behalf of foreign entities of concern

“(a) In general—There is hereby imposed on each covered individual for any taxable year a tax equal to 100 percent of the amounts received by such individual during such taxable year from—

“(1) competing in any global athletic event on behalf of any foreign entity of concern, and

“(2) any sponsorships received as a result of, or inducement for, so competing.

“(b) Covered individual—For purposes of this section—

“(1) In general—The term “covered individual” means any national of the United States or alien lawfully admitted for permanent residence.

“(2) Certain terms—For purposes of paragraph (1), the terms “national of the United States” and “lawfully admitted for permanent residence” have the respective meanings given such terms under section 101 of the Immigration and Nationality Act (8 U.S.C. 1101).

“(c) Global athletic event—For purposes of this section, the term “global athletic event” means the Summer Olympics, Winter Olympics, World Cup, Tour de France, Wimbledon, and any other competition in which individuals participate as representatives of countries.

“(d) Foreign entity of concern—For purposes of this section, the term “foreign entity of concern” means any covered nation (as defined in section 4872(f)(2) of title 10, United States Code).

“(e) Special rules

“(1) Administrative provisions—For purposes of subtitle F, any tax imposed by this section shall be treated as a tax imposed by subtitle A.

“(2) Exclusion from gross income—For purposes of chapter 1, the gross income of any covered person for any taxable year shall not include any amount with respect to which tax is imposed under subsection (a).”