FRESNO (KMJ) — A state lawmaker wants to eliminate the tax California’s Olympic athletes pay on their winnings.
Olympians who make the United States proud and win one of the coveted gold, silver, or bronze medals get a cash prize along with it.
The winnings usually amount to $25,000 for gold, $15,000 for silver, or $10,000 for bronze.
The bill, proposed by Assembly Member Brian Jones. would eliminate the tax to be paid on that and the value of medals themselves.
“They would exempt the cash winnings from the award from the Olympic committee, and make those tax exempt…tax free”, says Assemblyman Jones.
“Any of the endorsements, or any of the additional money that the athlete is paid by other organizations, that would still come under the regular income tax laws”.
The representative for the 71st Assembly District says AB 1944 has support from both San Francisco’s and San Diego’s Chambers of Commerce, as well as the United States Olympic Committee and the Athletes’ Advisory Council.
The idea behind it is to support the athletes, who Jones considers great role models for the state’s young-people.
“I think it’s just showing appreciation from the public to the Olympic athletes that are working so hard and training so hard. Usually at their own expense, and they’re paying their own way to the tournaments, paying their own way to their training”.
The proposal is now making its way through the legislative process in Sacramento.
