Thursday, February 27, 2014

Star Reports Legislature Considers Tax Break for Olympic Prize Money

From the Indianapolis Star:

Olympic medalists from Indiana could soon come home to more than just an adoring public and a proud hometown.

They could be getting a tax break.

The Indiana House is poised to exempt Olympic medals and prize money from Indiana income taxes.
The tax break would be retroactive to Jan. 1, which means it would apply to just one person: Nick Goepper, the 19-year-old from Lawrenceburg who won a bronze medal in slopestyle skiing at the Sochi Winter Olympics.

Other Hoosier medalists such as West Lafayette diver David Boudia will have to win another medal if they want to qualify.

"It would definitely be a blessing," Boudia said of the legislation. He won two medals at the 2012 London Olympics, a gold on 10-meter platform and a bronze in the synchronized event.

In addition to Goepper's bronze medal, he will receive $10,000 from the U.S. Olympic Committee. Gold medal winners receive $25,000, silver medal winners $15,000.

A legislative analysis of the tax break lists its cost to the state as "insignificant."