Olympic medal winners getting tax break

WASHINGTON (AP) - America's Olympic athletes will no longer pay a so-called victory tax under a bill President Barack Obama has signed into law.

The IRS will now be prohibited from taxing most medals or other prizes awarded to U.S. Olympians.

The U.S. Olympic Committee awards cash prizes to medalists, ranging from $25,000 for gold, $15,000 for silver and $10,000 for bronze. The cash prize comes on top of the value of the medals themselves: $600 for gold and $300 for silver; bronze medals aren't worth much.

The bill is retroactively applied to Rio Olympians. Excluded are athletes whose income is over $1 million.

The Associated Press contributed to this report.

Copyright 2016 KPNX


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