Exclude Olympic Medal Income From Taxable Income
For the purpose of determining the state income tax liability of an individual, income earned as a direct result of winning a medal while competing for the United States of America at the olympic games is excluded from state taxable income; except that such income is not excluded:
- For a taxpayer whose federal adjusted gross income exceeds $1,000,000 or, if the taxpayer's filing status is married filing separately, $500,000; or
- If the income is already excluded from federal taxable income ; except that the monetary value of a medal itself is excluded from state taxable income even if it has already been excluded from federal taxable income.
'Income earned as a direct result of winning a medal' is defined to include both the monetary value of the medal itself and any monetary award given for winning the medal from the United States olympic committee or any sport-specific national governing body or paralympic sport organization and to exclude endorsement income and nonmonetary benefits. 'Olympic games' is defined to include the summer and winter olympic games and the summer and winter paralympic games.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)