H.R. 7707: Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act
The proposed bill, known as the Officially Limiting Yearly Money Procured by Individuals Concerning Sportmanship Act, aims to introduce a new tax on income earned by U.S. citizens and lawful permanent residents who compete in global athletic events on behalf of foreign entities that are categorized as "entities of concern." Here are the key points of the bill:
Overview of the Tax Imposition
The bill proposes that there will be a 100% tax on certain types of income received by individuals for:
- Competing in global athletic events for foreign entities of concern.
- Sponsorships or other inducements related to that competition.
Definitions
- Covered Individual: This term refers to any U.S. national or lawful permanent resident who participates in athletic competitions.
- Global Athletic Event: This includes major international sports competitions, such as the Summer Olympics, Winter Olympics, World Cup, Tour de France, Wimbledon, and similar events where individuals compete as representatives of their countries.
- Foreign Entity of Concern: This refers to entities from countries that are classified as "covered nations" under a specified section of the U.S. Code, which typically includes nations that may pose national security threats or violate significant international norms.
Tax Treatment and Administration
The bill clarifies that:
- The tax imposed will be considered as part of the standard tax code procedures, and specific administrative provisions will apply.
- Any income for which this new tax is applied would not be included in the taxpayer's gross income for the purposes of other tax assessments.
Effective Date
The provisions of this legislation would apply to earnings received after the bill is enacted.
Relevant Companies
- PEP (PepsiCo, Inc.) - If PepsiCo or similar sponsors were to back athletes competing in events for foreign entities of concern, their sponsorships could be subjected to this new tax.
- NKE (Nike, Inc.) - Nike's endorsement deals with athletes representing foreign entities may face financial implications due to this legislation.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
1 sponsor
Actions
2 actions
| Date | Action |
|---|---|
| Feb. 25, 2026 | Introduced in House |
| Feb. 25, 2026 | Referred to the House Committee on Ways and Means. |
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