U.S. Congressman Blake Farenthold Reintroduces Tax Exemptions for American Medalists (TEAM) Act
Tuesday, U.S. Congressman Blake Farenthold (TX-27) introduced H.R. 3987, the “Tax Exemptions for American Medalists (TEAM) Act.” Rep. Farenthold also sponsored this legislation in the 112th Congress. H.R. 3987 will exempt U.S. Olympic athletes from paying taxes as high as $9,000 on the medals and awards they win competing on behalf of the United States in the Olympics. Additionally, the TEAM Act will eliminate both the tax on the medal and the prizes that accompany each medal awarded by the Olympic Committee. Rep. Blake Farenthold, TEAM Act author and chief sponsor, offered the following statement:
“This needless tax illustrates how complicated and burdensome our tax code has become. We need a fairer system for all, and eliminating this unnecessary tax burden on our athletes is a good way to start. Our Olympic athletes are the true embodiment of the American spirit. As they represent our nation on the world stage in the upcoming Winter Olympics, they should be faced with our undying support – not with excessive taxes.”
Click here to view the TEAM Act.