Rep. Pat Garofalo (R-Farmington)
Olympic champions’ medals and prize money would be exempt from Minnesota income tax, and they’d get a tax credit to offset any federal tax on their winnings — that under a bill State Representative Pat Garofalo says he’ll introduce next session. The Farmington Republican says, “These are Olympic champions and we don’t want them to have to pawn their medals to pay their tax bills.” Garofalo estimates it could cost the state as much as 100 thousand dollars in lost tax revenue. The tax exemption would stay in effect for all future Olympic events, including the Paralympics.