This bill proposes to amend the Internal Revenue Code of 1986 by removing the income limitation on the exclusion from gross income for medals and prize money received by athletes competing in the Olympic or Paralympic Games. Currently, an income threshold can make these awards taxable for higher-earning athletes, but this bill seeks to eliminate that restriction. Specifically, the legislation revises Section 74(d) to ensure that gross income will not include the value of any medal awarded or any prize money received from the United States Olympic Committee for participation in these games. This change aims to provide a full tax exemption for these achievements, regardless of an athlete's overall income. The amendment is slated to take effect for prizes and awards received after December 31, 2025 .