Sen. Schumer urges House to make US Olympic prizes tax-free

LAKE PLACID, N.Y. (AP) — Sen. Charles Schumer, on the eve of the Summer Olympics, is calling on the House to follow his chamber’s lead and make the cash prizes won by U.S. medalists tax-exempt in future games.

The New York Democrat was heading Tuesday to the Winter Olympics training facility in Lake Placid to say the IRS shouldn’t impose a victory tax on athletes who work hard training year-round.

The Senate passed the bill by unanimous consent in July before the current recess began.

The House is scheduled to return Sept. 6, after the summer games in Brazil are over.

The U.S. Olympic Committee pays $25,000 to gold medal winners, $15,000 for silver medalists and $10,000 for bronze.

The bill would also exempt prizes for Paralympic athletes. The exemption would not apply to commercial endorsements.

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