Daily Tax Update - September 22, 2016: House Passes Bill to Exempt Olympic Medals From Income

House Passes Bill to Exempt Olympic Medals From Income:  The House passed the United States Appreciation for Olympians and Paralympians Act (H.R. 5946), which would exclude from gross income any prizes or awards won in competition in the Olympic Games or the Paralympic Games for athletes whose adjusted gross income is below $1 million.

House Passes ESOP Bill:  Today, the House passed the Empowering Employees through Stock Ownership Act (H.R. 5719), which would allow a qualified employee to elect to defer, for income tax purposes, the inclusion in income of the amount of income attributable to qualified stock transferred to the employee by the employer.  The election to defer income inclusion with respect to qualified stock would be required to be made no later than 30 days after the first time the employee’s right to the stock is substantially vested.