You might be a sporty, outdoorsy dude, but the closest you’ve come to rock climbing since having a kid was finally taking the Christmas decorations down. Fortunately, the government is going to bat for you — or badminton racket if you prefer. That’s why Congressmen Ron Kind and Charles Boustany (both dads) created the “Personal Health Investment Today Act” which hopes to make your outdoor gear and sporting goods tax deductible. Can you believe the balls on these guys?
The PHIT Act — not to be confused with that PHAT Act, which was also pretty hot and tempting — seeks to amend the Internal Revenue Code of 1986 in order to “treat certain amounts paid for physical activity, fitness, and exercise as amounts paid for medical care.” The goal of the bill is to curb medical costs incurred from all the overweight and obese adults by rewarding active Americans. The PHIT Act estimates that every dollar invested in physical activity will reduce medical expenditures by $3.20. And even if you aren’t going to use that gym membership, it’s still a great excuse to brag to your accountant about it.
While the legislation has been floating around to the House Of Representatives since 2015 and Charles Boustany has since left his seat for an unsuccessful Senate bid, support for it remains strong. “It’s almost there. Both democrats and republicans like this bill,” Jessica Wahl, the Outdoor Industry Association’s government affairs manager told Gear Junkie. “If Congress was working the way it is supposed to, the PHIT Act would have already passed.” Because if you have to think about filing taxes while snowboarding, it should be for the cash.
[H/T] Gear Junkie