Sec. 24. (a) This section applies to a taxable year beginning after December 31, 2013.
(b) As used in this section, "international committee" refers to the International Olympic Committee and the International Paralympic Committee.
(c) As used in this section, "Olympic games" refers to an international sports competition conducted every two (2) years by an international committee, including both the summer and winter games.
(d) As used in this section, "Olympic medal" refers to a gold, silver, or bronze medal won by an individual competing at the Olympic games.
(e) An individual is entitled to an exemption from the adjusted gross income tax imposed under this article equal to the sum of:
(1) the value of an Olympic medal won during the taxable year; plus
(2) the amount of income received during the taxable year from the United States Olympic Committee as prize money for winning the Olympic medal.
As added by P.L.87-2014, SEC.3.
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