HB17-1104

HB17-1104 - Exclude Olympic Medal Income From Taxable Income

Passed/Signed into Law
Concerning the exclusion from state taxable income of the monetary value of any medal won by an athlete while competing for the United States of America at the olympic games, so long as the athlete's federal adjusted gross income does not exceed a specified amount.

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.)

 

Senate Committees

Latest update: May 22, 2017
05/22/2017 - Governor Signed
05/18/2017 - Sent to the Governor
05/18/2017 - Signed by the President of the Senate
05/15/2017 - Signed by the Speaker of the House
04/18/2017 - Senate Third Reading Passed with Amendments - Floor
04/18/2017 - Senate Third Reading Reconsidered - No Amendments
04/13/2017 - Senate Recalled Bill From House
04/12/2017 - House Considered Senate Amendments - Result was to Laid Over to 04/17/2017
04/11/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
04/10/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
04/06/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
04/05/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
04/04/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
04/03/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
03/31/2017 - House Considered Senate Amendments - Result was to Laid Over to 04/03/2017
03/30/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
03/29/2017 - Senate Third Reading Passed - No Amendments
03/28/2017 - Senate Second Reading Passed with Amendments - Committee
03/27/2017 - Senate Second Reading Laid Over Daily - No Amendments
03/23/2017 - Senate Second Reading Laid Over to 03/27/2017 - No Amendments
03/23/2017 - Senate Second Reading Reconsidered - No Amendments
03/22/2017 - Senate Third Reading Laid Over Daily - No Amendments
03/21/2017 - Senate Second Reading Passed - No Amendments
03/21/2017 - Senate Committee on Finance Refer Amended - Consent Calendar to Senate Committee of the Whole
03/10/2017 - Introduced In Senate - Assigned to Finance
03/09/2017 - House Third Reading Passed - No Amendments
03/08/2017 - House Third Reading Laid Over Daily - No Amendments
03/07/2017 - House Second Reading Passed with Amendments - Committee
03/03/2017 - House Committee on Appropriations Refer Unamended to House Committee of the Whole
02/13/2017 - House Committee on Finance Refer Amended to Appropriations
01/19/2017 - Introduced In House - Assigned to Finance + Appropriations