ssemblyman Hagman and Bipartisan Coalition Seek to Bring Home the Gold for California Olympic Athletes
Sacramento -Assemblyman Curt Hagman (R-Chino Hills) is part of a bipartisan Olympic coalition introducing legislation to exempt United States Olympic medal winners living in California from paying state taxes on their hard-earned medals and prizes. The members of the entire coalition are Democratic Senators Ron Calderon (D-Montebello) and Lou Correa (D-Santa Ana); and Republican Assemblymembers Curt Hagman (R-Chino Hills), Allan Mansoor (R-Costa Mesa), and Chris Norby (R-Fullerton).
Presently, Olympians who win medals also receive honorariums in the form of cash payments of $25,000 for gold, $15,000 for silver and $10,000 for bronze. Current tax codes require Olympic athletes to add the value of medals and honorariums to their taxable income, pushing them into top income tax rate brackets. This piece of legislation will prevent unnecessary additional taxes from being levied on Olympic medals and prize money won by American athletes living in California during the Olympic Games. This would apply to awards received after December 31, 2011 to include our current crop of athletes participating in London.
Approximately 25% of all American Olympians are from California, making it the state with the largest Olympic delegation. One particularly notable athlete resides within Assemblyman Hagman’s district, Alex Morgan from Diamond Bar. Ms. Morgan is not only the youngest soccer player to score 20 goals in a year for our national team, but she also kicked the game winning goal sending the U.S. team to the gold medal game this Thursday against Japan.
“California athletes represent a true dedication to success which must be properly recognized and rewarded rather than monetarily punished,” said Assemblyman Hagman. “We need to fight for these Californian athletes as strongly as they are fighting for us.”