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Federal

PHIT Act of 2023

Source: Congress.gov  ·  1,023 words in original text
This bill allows people to treat money spent on fitness, exercise and physical activity as medical expenses on their taxes. The bill aims to promote healthier lifestyles and help people afford fitness activities.
Taxpayers (people who file tax returns) and their families who pay for fitness and exercise expenses.
* Amounts paid for fitness facility memberships, instruction in physical exercise, and exercise equipment can now be treated as medical expenses for tax purposes (Sec. 3(b)(A)). * Taxpayers can deduct up to $1,000 per year in qualified fitness expenses, or up to $2,000 per year if filing a joint return or as head of household (Sec. 3(b)(B)). * Fitness facilities must provide physical exercise programs or instruction, cannot be private clubs owned by members, and cannot include golf, hunting, sailing or riding facilities to qualify (Sec. 3(b)(C)). * Single items of sports equipment (other than exercise equipment) are limited to $250 per item to count as a qualified fitness expense (Sec. 3(b)(E)). * Exercise videos, books and similar materials count as qualified expenses if they teach physical exercise or physical activity (Sec. 3(b)(D)).
People will be able to claim money spent on fitness memberships, exercise instruction and fitness equipment as medical expenses when calculating their taxes, subject to the yearly dollar limits and restrictions described above.
* Qualified sports and fitness expenses: money paid solely for fitness facility memberships, instruction in physical exercise or activity, or equipment used in exercise or physical activity programs (Sec. 3(b)(A)). * Fitness facility: a place that provides physical exercise instruction and facilities but is not a private members club and does not have golf, hunting, sailing or riding facilities (Sec. 3(b)(C)).
Taxable years beginning after the date the bill is signed into law.
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.