Today by a vote of 415-1, the U.S. House of Representatives passed H.R. 5946, the United States Appreciation for Olympians and Paralympians Act, which includes an amendment from U.S Representative Bill Pascrell, Jr. (D-NJ-09), a member of the House Ways and Means Committee. This amendment would exclude millionaires from a proposed tax break for Olympic and Paralympic medal winners.

"Some people say that we don’t win anymore. I would like to remind those people that the United States won 121 total medals in Rio. Our Olympic athletes made us proud. And the work-a-day athlete may need this measure, but millionaires like Michael Phelps or Kevin Durant do not,” said Rep. Pascrell. “Millionaire professional athletes do not need a special carve out in the tax code. While our Olympic athletes have earned our praise, we need to be thoughtful about it to ensure that we’re not giving across-the-board tax breaks to those who need them least.”

The original bill, authored by Rep. Robert J. Dold (R-IL), would have made Olympic medals and prize money exempt from income taxes. The exemption would have applied regardless of how wealthy the Olympic athlete may be, applying a tax break to amateurs and NBA stars alike. Congressman Pascrell’s amendment changes that. The amendment restriction is based on adjusted gross income in excess of $1 million ($500,000 in the case of a married individual filing a separate return). In this determination, gross income does not include the value of medals or prizes won.

While the Senate already passed a similar companion bill by unanimous consent, the slightly different House and Senate versions will need to be reconciled before the measure can be presented to the President.