House leader promises vote on exempting Olympic medals from taxes

House Majority Leader Kevin McCarthy (R-Calif.) pledged on Tuesday to schedule floor time in the coming weeks for legislation that would exempt Olympic winnings from taxes.

But Congress won’t return to session until after Labor Day, meaning a vote wouldn’t happen for at least another month. 

Chairman Kevin Brady (R-Texas) of the House Ways and Means Committee, which has jurisdiction over the issue, said last week that the panel would vote in September on a bill slated to be introduced by Reps. Bob Dold (R-Ill.) and Blake Farenthold (R-Texas).

Their proposal would exempt Olympic and Paralympic athletes from paying federal income taxes on their medals and prizes from the U.S. Olympic Committee. 

{mosads}McCarthy said the bill would get a floor vote once it cleared his committee.

“Competing in the Olympics requires years of training and, in many instances, athletes must sacrifice more lucrative careers in their pursuit of excellence. The men and women who represent the United States exemplify the best of the American spirit. Removing an unnecessary tax levied on their success is a no-brainer,” McCarthy said in a statement on Tuesday, just two days after this year’s Olympic Games ended in Rio de Janeiro, Brazil. 

American Olympic champions earn $25,000 for a gold medal, $15,000 for silver and $10,000 for bronze. 

The Senate passed an identical bill in July.