IOC Act

Hozzl · 2022-12-30T03:49:03Z

Explore the details of House Bill 6433 IOC Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/30/2022, 3:49 AM

Summary of Bill HR 6433

Bill 117 HR 6433, also known as the International Olympic Committee (IOC) Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to address issues related to the governance and oversight of the IOC, which is the organization responsible for organizing the Olympic Games.

The bill aims to increase transparency and accountability within the IOC by requiring the organization to adhere to certain standards of governance. This includes implementing measures to prevent corruption and ensure fair and ethical practices within the organization.

Additionally, the bill seeks to strengthen the relationship between the United States and the IOC by promoting cooperation and communication between the two entities. This includes establishing a framework for the US government to work with the IOC on matters related to the Olympic Games. Overall, the IOC Act is designed to promote good governance and integrity within the IOC, as well as enhance the partnership between the United States and the organization. It is intended to ensure that the Olympic Games continue to be a symbol of unity, sportsmanship, and fair competition on the global stage.

Congressional Summary of HR 6433

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 HR 6433

Bill HR 6433 is currently in the status of Bill Introduced since January 19, 2022. Bill HR 6433 was introduced during Congress 117 and was introduced to the House on January 19, 2022. Bill HR 6433's most recent activity was Referred to the House Committee on Ways and Means. as of January 19, 2022