PHIT Act of 2023

Hozzl · 2024-03-14T04:05:27Z

Explore the details of House Bill 1582 PHIT Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/14/2024, 4:05 AM

Summary of Bill HR 1582

The PHIT Act of 2023, also known as Bill 118 hr 1582, is a piece of legislation currently being considered by the US Congress. The PHIT Act stands for Personal Health Investment Today Act and aims to make it easier for Americans to invest in their health and wellness by allowing them to use pre-tax dollars to pay for certain physical activities and fitness expenses.

Under the PHIT Act, individuals would be able to use funds from their pre-tax health savings accounts (HSAs) and flexible spending accounts (FSAs) to cover expenses related to physical activities such as gym memberships, fitness classes, sports equipment, and youth sports leagues. This would provide a financial incentive for individuals to prioritize their health and engage in regular physical activity.

Supporters of the PHIT Act argue that it would help reduce healthcare costs in the long run by encouraging preventative measures and promoting overall wellness. They also believe that it would make fitness more accessible and affordable for all Americans, regardless of income level. Opponents of the PHIT Act raise concerns about the potential loss of tax revenue and the impact on the federal budget. They also question whether the legislation would disproportionately benefit higher-income individuals who are more likely to have HSAs and FSAs. Overall, the PHIT Act of 2023 is a bipartisan effort to promote healthy lifestyles and make it easier for Americans to invest in their physical well-being. It remains to be seen whether the bill will garner enough support to pass through Congress and become law.

Congressional Summary of HR 1582

Personal Health Investment Today Act of 2023 or the PHIT Act of 2023

This bill allows a medical care tax deduction for up to $1,000 ($2,000 for a joint return or a head of household) of qualified sports and fitness expenses per year. The bill defines qualified sports and fitness expenses as amounts paid exclusively for participating in a physical activity, including (1) fitness facility memberships, (2) physical exercise or activity programs, or (3) equipment for a physical exercise or activity program.

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Current Status of Bill HR 1582

Bill HR 1582 is currently in the status of Bill Introduced since March 14, 2023. Bill HR 1582 was introduced during Congress 118 and was introduced to the House on March 14, 2023. Bill HR 1582's most recent activity was Referred to the House Committee on Ways and Means. as of March 14, 2023

Bipartisan Support of Bill HR 1582

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

132

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1582

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 1582

PHIT Act of 2023PHIT Act of 2023Personal Health Investment Today Act of 2023To amend the Internal Revenue Code of 1986 to treat certain amounts paid for physical activity, fitness, and exercise as amounts paid for medical care.

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