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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).
Read the Full Bill
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
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3577
Primary Policy Focus
TaxationPotential 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
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