New Jersey’s Olympic medal winners could soon have less taxing time

Eight New Jersey residents have won medals at the Olympic Games in Rio, and a state lawmaker wants to give them a tax break.

The U.S. Olympic Committee awards $25,000 to athletes who win a gold medal; $15,000 to silver medal winners; and $10,000 for bronze.

Sen. Sam Thompson is proposing legislation to exempt those earnings from the state income tax.

“Just to show a token of our appreciation for all of the dedication they have shown to represent our country, for all their hard work,” said Thompson, R-Middlesex. “I mean this is not something you go out one day and spend a month getting ready for. This is something they’ve dedicated their whole life to.”

It’s a shame a medal winners face that tax burden, said Thompson, adding that his proposal could prevent their Olympic dreams from becoming a financial nightmare.

“What we’re talking about is not going to cost that much. The amount of income tax you’d have to pay on $25,000 or $15,000 or $10,000 is not that great,” he said. “But it’s just a little token of our appreciation to them for what they have done to make our country look great.”