United States HR 7707: OLYMPICS Act

Bill Text

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119TH CONGRESS
2D SESSION H. R. 7707
To amend the Internal Revenue Code of 1986 to impose a tax on income
earned from competing in global athletic events on behalf of foreign
entities of concern.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 25, 2026
Mr. OGLES introduced the following bill; which was referred to the Committee
on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to impose
a tax on income earned from competing in global athletic
events on behalf of foreign entities of concern.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Officially Limiting 4
Yearly Money Procured by Individuals Concerning 5
Sportmanship Act’’ or as the ‘‘OLYMPICS Act’’. 6
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SEC. 2. TAX ON INCOME EARNED FROM COMPETING IN 1
GLOBAL ATHLETIC EVENTS ON BEHALF OF 2
FOREIGN ENTITIES OF CONCERN. 3
(a) IN GENERAL.—Subtitle D of the Internal Rev-4
enue Code of 1986 is amended by adding at the end the 5
following new chapter: 6
‘‘CHAPTER 50B—CERTAIN INCOME FOR 7
REPRESENTING FOREIGN ENTITIES 8
OF CONCERN AT GLOBAL ATHLETIC 9
EVENTS 10
‘‘Sec. 5000E. Imposition of tax on income earned from competing in global ath-
letic events on behalf of foreign entities of concern.
‘‘SEC. 5000E. IMPOSITION OF TAX ON INCOME EARNED 11
FROM COMPETING IN GLOBAL ATHLETIC 12
EVENTS ON BEHALF OF FOREIGN ENTITIES 13
OF CONCERN. 14
‘‘(a) IN GENERAL.—There is hereby imposed on each 15
covered individual for any taxable year a tax equal to 100 16
percent of the amounts received by such individual during 17
such taxable year from— 18
‘‘(1) competing in any global athletic event on 19
behalf of any foreign entity of concern, and 20
‘‘(2) any sponsorships received as a result of, or 21
inducement for, so competing. 22
‘‘(b) COVERED INDIVIDUAL.—For purposes of this 23
section— 24
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‘‘(1) IN GENERAL.—The term ‘covered indi-1
vidual’ means any national of the United States or 2
alien lawfully admitted for permanent residence. 3
‘‘(2) CERTAIN TERMS.—For purposes of para-4
graph (1), the terms ‘national of the United States’ 5
and ‘lawfully admitted for permanent residence’ have 6
the respective meanings given such terms under sec-7
tion 101 of the Immigration and Nationality Act (8 8
U.S.C. 1101). 9
‘‘(c) GLOBAL ATHLETIC EVENT.—For purposes of 10
this section, the term ‘global athletic event’ means the 11
Summer Olympics, Winter Olympics, World Cup, Tour de 12
France, Wimbledon, and any other competition in which 13
individuals participate as representatives of countries. 14
‘‘(d) FOREIGN ENTITY OF CONCERN.—For purposes 15
of this section, the term ‘foreign entity of concern’ means 16
any covered nation (as defined in section 4872(f)(2) of 17
title 10, United States Code). 18
‘‘(e) SPECIAL RULES.— 19
‘‘(1) ADMINISTRATIVE PROVISIONS.—For pur-20
poses of subtitle F, any tax imposed by this section 21
shall be treated as a tax imposed by subtitle A. 22
‘‘(2) EXCLUSION FROM GROSS INCOME.—For 23
purposes of chapter 1, the gross income of any cov-24
ered person for any taxable year shall not include 25
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any amount with respect to which tax is imposed 1
under subsection (a).’’. 2
(b) CLERICAL AMENDMENT.—The table of chapters 3
for subtitle D of such Code is amended by inserting after 4
the item relating to chapter 50A the following new item: 5
‘‘Chapter 50B—CERTAIN INCOME FOR REPRESENTING FOREIGN ENTITIES
OF CONCERN AT GLOBAL ATHLETIC EVENTS’’.
(c) EFFECTIVE DATE.—The amendments made by 6
this section shall apply with respect to amounts received 7
after the date of the enactment of this Act. 8
Æ
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