A bill to amend the Internal Revenue Code of 1954 to provide funding for the United States Olympic Committee by imposing an excise tax on amounts paid for United States television and radio broadcast rights for Olympic events.

Summary

Amends the Internal Revenue Code to impose a ten percent excise tax on amounts paid to any person or government for the United States broadcast rights for Olympic events. Requires the purchaser of such broadcast rights to withhold the amount of such tax. Allows an income tax deduction for the payor of such excise tax. Establishes in the Treasury a United States Olympic Trust Fund. Appropriates to such trust fund amounts raised by such excise tax. Requires the Secretary of the Treasury to pay, not less often than quarterly, to the United States Olympic Committee the amount available in such trust fund less certain administrative expenses.

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1 official file

• Introduced in House

  summary · EN · 18 November 1985

  Open at official source

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