[ posted: April 18, 2009 ]
Physical Fitness Bill Introduced in Congress
Physical Fitness Bill Introduced in Congress
SportsOneSource Media
According to the SGMA, Congressman Ron Kind (D-WI) has introduced the Personal Health Investment Today Act of 2009 (PHIT) in the U.S. House of Representatives. Congressmen Earl Blumenauer (D-OR), Kevin Brady (R-TX) and Zach Wamp (R-TN) joined Kind in sponsoring the PHIT Bill.
The PHIT Act would change current federal tax law to allow for the deduction or use of pre-tax dollars to cover expenses related to sports, fitness and other physical activities. Americans could invest up to $2,000 annually to pay for physical activities by investing money in existing pre-tax Flexible Spending Accounts (FSA), Medical Savings Accounts (MSA) and/or medical reimbursement arrangements. PHIT would only expand the expenses eligible for reimbursement to include physical activity costs as a form of prevention; PHIT would not increase contribution limits to these accounts. Once an individual or family spends 7.5% of their income on qualified medical expenses, they could deduct physical activity expenses directly.