Bill Text: NJ S671 | 2020-2021 | Regular Session | Introduced
Bill Title: Excludes from gross income tax value of prizes or awards won in athletic competition in Olympic Games.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2020-01-14 - Introduced in the Senate, Referred to Senate Budget and Appropriations Committee [S671 Detail]
Download: New_Jersey-2020-S671-Introduced.html
STATE OF NEW JERSEY
219th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2020 SESSION
Sponsored by:
Senator SAMUEL D. THOMPSON
District 12 (Burlington, Middlesex, Monmouth and Ocean)
SYNOPSIS
Excludes from gross income tax value of prizes or awards won in athletic competition in Olympic Games.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act excluding from the gross income tax the value of prizes or awards won in athletic competition in the Olympic Games, supplementing chapter 6 of Title 54A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Gross income shall not include the value of a prize or award won by the taxpayer in athletic competition in the Olympic Games.
2. This act shall take effect immediately and apply to prizes and awards received on or after January 1, 2012.
STATEMENT
This bill excludes from the gross income tax the value of awards or prizes won in athletic competition in the Olympic Games.
Under current law, athletes must pay gross income tax on the value of awards or prizes won in the Olympic Games. Imposing a tax on the achievement of Olympic medalists sends the wrong message to our young athletes, many of whom have made tremendous personal and financial sacrifice to represent our nation. By effectively penalizing the success of our Olympians, we not only tarnish their accomplishments, but also deviate from our fundamental belief in individualism. For what has elevated this great nation above the rest is our promise to nurture, and not inhibit, the industrious capacities of the individual.
Each Olympian representing our nation has reached the pinnacle of his or her sport as a result of incredible dedication, desire, discipline, and sacrifice. This bill ensures that the hard work and success of our Olympians is celebrated and not punished.
