An Act To Exempt Certain International Athletic Competition Prizes from Maine Income Tax
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5122, sub-§2, ¶PP is enacted to read:
PP. For taxable years beginning on or after January 1, 2017, the amount received as a prize awarded as the result of competition in an athletic contest under the jurisdiction of the International Olympic Committee, the International Association of Athletics Federations, the International University Sports Federation, the International Military Sports Council or the Pan American Sports Organization.
This bill provides an income tax exemption for prizes awarded as the result of competition in certain international athletic contests.