TEAM Act
Last action on Jun 3, 2015Referred to the House Committee on Ways and Means.
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Summary
The Tax Exemptions for American Medalists (TEAM) Act, or H.R. 2628, would change federal tax law to ensure that American athletes do not have to pay income tax on the value of Olympic medals or the prize money awarded for winning them. Under current law, these awards are generally treated as taxable income, similar to a performance bonus. If passed, this bill would allow Olympic competitors to keep the full value of their awards without any federal tax liability.
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