What does Preamble of OLYMPICS Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment would impose a tax on income earned from competing in global athletic events. This income must be earned on behalf of foreign entities of concern.

What does SHORT TITLE. of OLYMPICS Act do?

This bill is formally titled the Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act, also known as the OLYMPICS Act.

What does TAX ON INCOME EARNED FROM COMPETING IN GLOBAL ATHLETIC EVENTS of OLYMPICS Act do?

This section amends the Internal Revenue Code of 1986 by adding Chapter 50B to Subtitle D. A 100% tax is imposed on covered individuals who receive income from competing in global athletic events on behalf of foreign entities of concern. This tax also applies to sponsorships received as a result of, or inducement for, such competition. A 'covered individual' is defined as a U.S. national or an alien lawfully admitted for permanent residence. A 'global athletic event' includes the Summer Olympics, Winter Olympics, World Cup, Tour de France, Wimbledon, and other competitions where individuals represent countries. A 'foreign entity of concern' is defined as a covered nation as defined in section 4872(f)(2) of title 10, United States Code. The tax imposed by this section is treated as a tax imposed by subtitle A for administrative purposes. Amounts subject to this tax are excluded from gross income for purposes of chapter 1. The amendments apply to amounts received after the date of enactment of this Act.

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OLYMPICS Act

Last updated: 2/25/2026 · Introduced: 2/25/2026

Author: Andrew Ogles (R-TN)

TL;DR (AI)

This bill imposes a 100% tax on income earned by U.S. citizens and permanent residents from competing in global athletic events if they represent countries designated as 'foreign entities of concern'.
The tax applies to income from competition and related sponsorships received as a result of, or inducement for, participation in events like the Olympics and World Cup.
The bill excludes income subject to this tax from gross income calculations for other tax purposes and applies retroactively to amounts received after the bill's enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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