H.R. 7707

119 HR 7707 IH: Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act
 U.S. House of Representatives
 2026-02-25
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 I  119th CONGRESS  2d Session  H. R. 7707  IN THE HOUSE OF REPRESENTATIVES   February 25, 2026   Mr. Ogles  introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To amend the Internal Revenue Code of 1986 to impose a tax on income earned from competing in global athletic events on behalf of foreign entities of concern.
1.
Short title
This Act may be cited as the   Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act   or as the   OLYMPICS Act  .
2.
Tax on income earned from competing in global athletic events on behalf of foreign entities of concern
(a)
In general
Subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter:
50B
Certain income for representing foreign entities of concern at global athletic events
Sec. 5000E.  Imposition of tax on income earned from competing in global athletic events on behalf of foreign entities of concern.
5000E.
Imposition of tax on income earned from competing in global athletic events on behalf of foreign entities of concern
(a)
In general
There is hereby imposed on each covered individual for any taxable year a tax equal to 100 percent of the amounts received by such individual during such taxable year from—
(1)
competing in any global athletic event on behalf of any foreign entity of concern, and
(2)
any sponsorships received as a result of, or inducement for, so competing.
(b)
Covered individual
For purposes of this section—
(1)
In general
The term  covered individual  means any national of the United States or alien lawfully admitted for permanent residence.
(2)
Certain terms
For purposes of paragraph (1), the terms  national of the United States  and  lawfully admitted for permanent residence  have the respective meanings given such terms under section 101 of the Immigration and Nationality Act ( 8 U.S.C. 1101 ).
(c)
Global athletic event
For purposes of this section, the term  global athletic event  means the Summer Olympics, Winter Olympics, World Cup, Tour de France, Wimbledon, and any other competition in which individuals participate as representatives of countries.
(d)
Foreign entity of concern
For purposes of this section, the term  foreign entity of concern  means any covered nation (as defined in section 4872(f)(2) of title 10, United States Code).
(e)
Special rules
(1)
Administrative provisions
For purposes of subtitle F, any tax imposed by this section shall be treated as a tax imposed by subtitle A.
(2)
Exclusion from gross income
For purposes of chapter 1, the gross income of any covered person for any taxable year shall not include any amount with respect to which tax is imposed under subsection (a).
  .
(b)
Clerical amendment
The table of chapters for subtitle D of such Code is amended by inserting after the item relating to chapter 50A the following new item:
Chapter 50B— Certain income for representing foreign entities of concern at global athletic events
  .
(c)
Effective date
The amendments made by this section shall apply with respect to amounts received after the date of the enactment of this Act.