OLYMPICS Act

119 HR 7707 IH: Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act U.S. House of Representatives 2026-02-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 2d Session H. R. 7707 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. 1. Short title This Act may be cited as the Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act or as the OLYMPICS Act . 2. Tax on income earned from competing in global athletic events on behalf of foreign entities of concern (a) In general Subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: 50B Certain income for representing foreign entities of concern at global athletic events Sec. 5000E. Imposition of tax on income earned from competing in global athletic events on behalf of foreign entities of concern. 5000E. Imposition of tax on income earned from competing in global athletic events on behalf of foreign entities of concern (a) In general There is hereby imposed on each covered individual for any taxable year a tax equal to 100 percent of the amounts received by such individual during such taxable year from— (1) competing in any global athletic event on behalf of any foreign entity of concern, and (2) any sponsorships received as a result of, or inducement for, so competing. (b) Covered individual For purposes of this section— (1) In general The term covered individual means any national of the United States or alien lawfully admitted for permanent residence. (2) Certain terms For purposes of paragraph (1), the terms national of the United States and lawfully admitted for permanent residence have the respective meanings given such terms under section 101 of the Immigration and Nationality Act ( 8 U.S.C. 1101 ). (c) Global athletic event For purposes of this section, the term global athletic event means the Summer Olympics, Winter Olympics, World Cup, Tour de France, Wimbledon, and any other competition in which individuals participate as representatives of countries. (d) Foreign entity of concern For purposes of this section, the term foreign entity of concern means any covered nation (as defined in section 4872(f)(2) of title 10, United States Code). (e) Special rules (1) Administrative provisions For purposes of subtitle F, any tax imposed by this section shall be treated as a tax imposed by subtitle A. (2) Exclusion from gross income For purposes of chapter 1, the gross income of any covered person for any taxable year shall not include any amount with respect to which tax is imposed under subsection (a). . (b) Clerical amendment The table of chapters for subtitle D of such Code is amended by inserting after the item relating to chapter 50A the following new item: Chapter 50B— Certain income for representing foreign entities of concern at global athletic events . (c) Effective date The amendments made by this section shall apply with respect to amounts received after the date of the enactment of this Act.