Sponsors plan to exempt taxes on prizes

SPRINGFIELD – State Senator Julie Morrison, who represents many of Illinois’ Olympic athletes, is sponsoring legislation to exempt state taxes on Olympians’ awards.

“Olympic athletes proudly represent our state and country,” Morrison said. “We should honor them for their commitment. Exempting Illinois’ taxes on their prizes is one small way to show our appreciation.”

Olympic athletes who win gold are also awarded $25,000 dollars. Athletes who win silver earn $15,000, and athletes who earn bronze also receive $10,000.

These awards are currently subject to both federal and state taxes. Morrison’s legislation exempts Olympians’ awards (and the value of the metal making up their awards) from Illinois’ income tax.

There are approximately 20 athletes with ties to Illinois competing in the Olympics – 11 for the United States and nine members of the Chicago Blackhawks playing for other countries. At least 10 of these athletes reside in Illinois and would benefit from the tax exemption.

Jason Brown of Highland Park has already earned a bronze medal for mixed team figure skating. Aja Evans of Chicago has earned a bronze medal for women’s bobsledding. The women’s ice hockey team is scheduled for the championship game, so Megan Bozek of Buffalo Grove and Kendall Coyne of Palos Heights will be bringing home either gold or silver.

“Whether they win or not, just making it to the Olympics is an impressive accomplishment,” Morrison said. “I want to congratulate all of these outstanding athletes.”

The legislation, which also applies to Para-Olympians, passed the Senate Revenue Committee this afternoon and is expected to be heard by the full Senate as early as tomorrow.