TRENTON, N.J. — One New Jersey politician wants to shield the state’s Olympic winners from state income taxes on their rewards.
Assemblyman Ron Dancer has proposed A4109 which would exempt the value of awards or prizes won at the Olympic Games from state income taxes.
“Our Olympic medalists have made tremendous sacrifices to represent our nation. We should be encouraging their efforts, supporting individualism and celebrating their accomplishments, not imposing a tax for winning,” Dancer, a Republican who represents Ocean County, said in a statement.
U.S. Olympians who reach the podium receive payments of $37,500 for every gold medal won, $22,500 for silver and $15,000 for bronze. Pots are divided up evenly to each member in team competitions.
New Jersey athletes brought home 11 medals — five gold, four silver and two bronze — from the 2020 summer Olympic Games in Tokyo. They include long-time professionals like baseball player Todd Frazier and soccer’s Carli Lloyd, to 19-year-old Athing Mu, who still attends Texas A&M University.
In 2016, Congress eliminated a so-called “victory tax.” Olympians who report a gross income of less than $1 million a year do not have to pay federal taxes on their medal winnings. Dancer’s bill would exclude the Olympic prizes from state income taxes.