Bill Text: NJ S563 | 2022-2023 | Regular Session | Introduced

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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) 2022-01-11 - Introduced in the Senate, Referred to Senate Budget and Appropriations Committee [S563 Detail]

Download: New_Jersey-2022-S563-Introduced.html

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SENATE, No. 563

STATE OF NEW JERSEY

220th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2022 SESSION

 

 

Sponsored by:

Senator  SAMUEL D. THOMPSON

District 12 (Burlington, Middlesex, Monmouth and Ocean)

 

Co-Sponsored by:

Senator Singleton

 

 

 

 

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.