H.R. 7731 — 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.

H.R. 7731 — 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. | JustPolicyThe main purpose of this legislation is to change the tax treatment of medals and prize money awarded to athletes competing in the Olympic and Paralympic Games. Specifically, it aims to remove any income limits that currently apply to the exclusion of these awards from an athlete's gross income for tax purposes. The key provision of the law is the amendment to the Internal Revenue Code that allows athletes to exclude the value of any medals and prize money they receive from the United States Olympic Committee from their taxable income.