Texas Review of Entertainment and Sports Law, Vol. 14, pp. 95-118.
24 Pages Posted: 10 Mar 2013 Last revised: 18 Sep 2013
Date Written: 2013
The purpose of this article is to explore the legal and tax environment surrounding the August 1, 2012 bill referred to as the Olympic Tax Elimination Act (OTEA) which was introduced in the U.S. Senate to exempt from gross income the prize money earned by U.S. Olympians from the United States Olympic Committee (USOC) for earning a gold, silver or bronze medal. The OTEA came at a time when American economic growth has been stagnant, and income tax issues became a hotly contested political debate for the 2012 Presidential election. The article explores how tax issues have weaved their way into sports law generally; investigates the USOC’s Operation Gold program, including a discussion of the relationship between the National Collegiate Athletic Association (NCAA) bylaws and USOC with regard to the program and prize money; analyzes the proposed OTEA; and addresses alternatives to the OTEA by encouraging other tax savvy options outside the outright elimination of such income from the Internal Revenue Code (I.R.C.) purview.
Keywords: Operation Gold, Missy Franklin, United States Olympic Committee, USOC, NCAA, Olympics, Sports Law, Income Tax, Gold medals, Sen. Marco Rubio, IRC
Suggested Citation: Suggested Citation
Kisska-Schulze, Kathryn and Epstein, Adam, Taxing Missy: Operation Gold and the 2012 Proposed Olympic Tax Elimination Act (2013). Texas Review of Entertainment and Sports Law, Vol. 14, pp. 95-118.. Available at SSRN: https://ssrn.com/abstract=2215127