PHIT Act 2018-07-19 Reported to House with amendment(s) Personal Health Investment Today Act or the PHIT Act

This bill amends the Internal Revenue Code to allow a medical care tax deduction for qualified sports and fitness expenses. The deduction applies to amounts paid for: (1) fitness facility memberships, (2) physical exercise or activity programs, and (3) safety equipment for use in a physical exercise or activity program.

The overall deduction is limited to $500 per year (twice the amount in the case of a joint return or a head of household), and a deduction for safety equipment may not exceed $250. The bill requires the limits to be adjusted for inflation after 2019.

The deduction does not include expenses for golf, hunting, sailing, horseback riding, and videos or books.

]]> 2018-07-06 Introduced in House Personal Health Investment Today Act or the PHIT Act

This bill amends the Internal Revenue Code to allow a medical care tax deduction for qualified sports and fitness expenses. The deduction applies to amounts paid for: (1) fitness facility memberships, (2) physical exercise or activity programs, and (3) safety equipment for use in a physical exercise or activity program.

The overall deduction is limited to $500 per year (twice the amount in the case of a joint return or a head of household), and a deduction for safety equipment may not exceed $250. The bill requires the limits to be adjusted for inflation after 2019.

The deduction does not include expenses for golf, hunting, sailing, riding, and videos or books.

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