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IOC Act

12/30/2022, 4:48 AM

Congressional Summary of S 3577

Irresponsible Olympic Collaboration Act or the IOC Act

This bill eliminates the tax exemption for any organization or entity whose primary purpose is the promotion of international, multi-sport, athletic competitions, and that has gross receipts in in excess of $100 million for any of the 3 preceding taxable years (e.g., the International Olympic Committee).

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Current Status of Bill S 3577

Bill S 3577 is currently in the status of Bill Introduced since February 3, 2022. Bill S 3577 was introduced during Congress 117 and was introduced to the Senate on February 3, 2022.  Bill S 3577's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of March 8, 2022

Bipartisan Support of Bill S 3577

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 3577

Primary Policy Focus

Taxation

Potential Impact Areas

- International organizations and cooperation
- Olympic games
- Tax-exempt organizations

Alternate Title(s) of Bill S 3577

IOC Act
IOC Act
Irresponsible Olympic Collaboration Act
A bill to amend the Internal Revenue Code of 1986 to eliminate the tax exemption of the International Olympic Committee and similar organizations.

Comments

Sponsors and Cosponsors of S 3577

Rick Scott
Rick Scott
FloridaRepublican

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