On March 1, the Commission on the State of U.S. Olympics & Paralympics issued a report: Passing the Torch – Modernizing Olympic, Paralympic, & Grassroots Sports in America. Per the announcement, this commission was directed by Congress to study recent reforms of the U.S. Olympic and Paralympic Committee to improve the organization’s “ability to fulfill its mission.”
The word “tax” appears 39 times in the report. Tax law changes suggested:
Page 17 – allow taxpayers to deduct the costs for their children to participate in youth sports.
Page 18 – allow taxpayers serving as volunteer coaches for youth sports to deduct out-of-pocket expenses.
Page 18 – to help support youth and grassroots sports, consider new revenue sources such as from an excise tax on legal sports betting and a voluntary checkbox on income tax forms for donations
The report notes the 2016 tax law change to add an exclusion from income for the value of the metal in gold and silver prize medals and bonuses winners receive (unless the taxpayer has AGI determined with the value of Olympic winnings above $1 million – IRC §74(d))
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