To amend the Internal Revenue Code of 1986 to impose a tax on income earned from competing in global athletic events on behalf of foreign entities of concern.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7707 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7707 To amend the Internal Revenue Code of 1986 to impose a tax on income earned from competing in global athletic events on behalf of foreign entities of concern. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 25, 2026 Mr. Ogles introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to impose a tax on income earned from competing in global athletic events on behalf of foreign entities of concern. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act'' or as the ``OLYMPICS Act''. SEC. 2. TAX ON INCOME EARNED FROM COMPETING IN GLOBAL ATHLETIC EVENTS ON BEHALF OF FOREIGN ENTITIES OF CONCERN. (a) In General.--Subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: ``CHAPTER 50B--CERTAIN INCOME FOR REPRESENTING FOREIGN ENTITIES OF CONCERN AT GLOBAL ATHLETIC EVENTS ``Sec. 5000E. Imposition of tax on income earned from competing in global athletic events on behalf of foreign entities of concern. ``SEC. 5000E. IMPOSITION OF TAX ON INCOME EARNED FROM COMPETING IN GLOBAL ATHLETIC EVENTS ON BEHALF OF FOREIGN ENTITIES OF CONCERN. ``(a) In General.--There is hereby imposed on each covered individual for any taxable year a tax equal to 100 percent of the amounts received by such individual during such taxable year from-- ``(1) competing in any global athletic event on behalf of any foreign entity of concern, and ``(2) any sponsorships received as a result of, or indu