Removal of income limitation on exclusion from gross income of Olympic and Paralympic medals and prize money

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(a) In general Section 74(d) of the Internal Revenue Code of 1986 is amended to read as follows: (d) Exception for Olympic and Paralympic 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 or Paralympic Games.. (b) Effective date The amendment made by this section shall apply to prizes and awards received after December 31, 2025.