OLYMPICS Act

This Act may be cited as the Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act or as the OLYMPICS Act.

Subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter:

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.

For purposes of this section—

The term covered individual means any national of the United States or alien lawfully admitted for permanent residence.

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).

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.

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).

For purposes of subtitle F, any tax imposed by this section shall be treated as a tax imposed by subtitle A.

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).

.

The table of chapters for subtitle D of such Code is amended by inserting after the item relating to chapter 50A the following new item:

.

The amendments made by this section shall apply with respect to amounts received after the date of the enactment of this Act.