Congress: Time to get PHIT
I applaud the spirit of a new piece of legislation making its way through the halls of Congress for its focus on preventative care.
H.R. 215, The Personal Health Investment Today Act of 2009, introduced today by Congressman Ron Kind (D-WI), would “amend the Internal Revenue Code of 1986 to treat certain amounts paid for physical activity, fitness, and exercise as amounts paid for medical care.”
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.
To read the full text of the bill and to track it through the legislative process, click here.
J. R. Atwood
Entry filed under: etc, play. Tags: Congress, exercise, fitness, health care, how a bill becomes a law, HR 215, J. R. Atwood, Jason Atwood, medical care, Personal Health Investment Today Act, PHIT Act, PHIT Bill, physical fitness, preventative care, Ron Kind, Schoolhouse Rock, track legislation.