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Income earned as a direct result of winning a gold medal while competing for the United States of America at the Olympic Games is excluded from state taxable income. Income earned as a direct result of wining a medal is defined to include both the monetary value of the medal itself and any monetary award given for winning the medal from the United States Olympic Committee, any sport-specific national governing body or paralympic sport organization. The term 'Olympic Games' is defined to include the summer and winter Olympic Games and the summer and winter Paralympic Games.
Taxpayers are not eligible for this subtraction in the following circumstances:
- The taxpayer's federally adjusted gross income exceeds $1,000,000 when filing jointly or exceeds $500,000 when filing as single or married filing separately.
- The taxpayer's income has already been excluded from their federal taxable income. The monetary value of the gold medal itself is excluded from state taxable income, even if it has already been deducted from the federal taxable income.
- Endorsement income and non-monetary benefits do not qualify for this subtraction.