News

Actions

No state tax on Olympic winnings under proposal

WGBA-Default-Image_1280x720.png
Posted at 10:40 AM, Apr 10, 2017
and last updated 2017-04-10 12:13:20-04

   MADISON, Wis. (AP) -- Olympic medal winners in Wisconsin wouldn't have to pay taxes on their winnings under a Republican proposal.

 

   Rep. Joe Sanfelippo and Assembly Speaker Robin Vos said in a news release Monday they're circulating a bill that would repeal state taxes on Olympic and Paralympic winnings.

 

   Olympic medals are worth a few hundred dollars and come with cash prizes ranging from $10,000 for bronze to $25,000 for gold.

 

   Under the bill, neither the medals nor the cash winnings would be taxed. If passed, the legislation would retroactively apply to 2016 and would be in place for the 2018 Winter Olympics in South Korea.

 

   Republican Gov. Scott Walker's budget includes a similar measure. But under his proposal, athletes who make more than $1 million a year would still owe taxes on winnings.