(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.