The waiver, which is expected to be ratified by the Senate and signed by Brazil President Dilma Rousseff, will benefit visitors from a number of countries, including the United States, Canada and Japan.
In accordance with the bill, the last day for arrival without a visa will be September 18, 2016, the same day on which the Paralympic Games is set to conclude.
Ministers are due to decide the start date for the waiver, which will not be subject to visitors having tickets for the Games.
"This is for Brazil, not only for the Rio Olympics," Congressman Alex Manente told the Associated Press.
"Our exchange rate is now favourable to tourism in our summer and we have many Olympic test events with many delegations coming in the beginning of the year."
The waiver could stimulate a 20 per cent upsurge in the amount of Americans and Canadians entering Brazil, Manente claims.
"Other tourists should benefit too, but these two are more likely to come in big numbers," he added.
Last month it was revealed that Rio 2016's budget for next year's Olympic Opening Ceremony will be just 10 per cent of that allocated ahead of the London 2012 Games as Brazil continues to struggle with economic and political problems.
Data has indicated that the Brazilian economy will shrink by 2.1 per cent this year, with an inflation rate of over nine per cent, with a deficit set to continue in 2016.
Calls are also growing for the removal of President Rousseff following a series of corruption scandals involving figures in her administration, with a series of popular protests having taken place across the nation.
The Rio 2016 Olympic Games are scheduled to take place from August 5 to 21, followed by the Paralympic Games from September 7 to 18.