H.R. 7707 — OLYMPICS Act

This section adds IRC chapter 50B (new §5000E) imposing a tax equal to 100 percent of amounts received during a taxable year by a covered individual—any U.S. national or alien lawfully admitted for permanent residence (as defined in INA §101(a))—from (1) competing in a global athletic event on behalf of a foreign entity of concern or (2) sponsorships received as a result of, or inducement for, such competition. Global athletic events include the Summer Olympics, Winter Olympics, World Cup, Tour de France, Wimbledon, and any other competition in which individuals represent countries; foreign entities of concern are covered nations as defined in 10 U.S.C. §4872(f)(2). Such amounts are excluded from gross income, and the tax is effective for amounts received after enactment.