Olympic medals set to be untaxed

The Knesset Finance Committee passed the final readings of a bill on Monday that would exempt Olympic medals from income taxes. 

The bill, sponsored by Yisrael Beytenu MK Yossi Shain, will now be ready to be passed into law as early as Wednesday.

Finance Committee head Alex Kushnir (Yisrael Beytenu) said the bill would be retroactive, which is very rare for Knesset legislation. That means it would apply to the 14 Israelis who won medals at last summer's Olympics in Tokyo.

"This tax exemption is our way of thanking these athletes who represented Israel with pride and stood on the podium wearing blue and white," Kushnir said. 

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