No, a homeowner won't be allowed to write off a swim spa, but a proposed bill could make it cheaper to take swim lessons and even purchase certain gear.
The Personal Health Investment Today (PHIT) Act was reintroduced to Congress in March. If passed, it would allow people to use pretax dollars, such as those in a health savings account, to cover qualified fitness expenses.
Currently, money in health-care accounts can only be used for doctor’s visits, medical procedures and medication. House bill H.R. 1267 and Senate bill S. 482 would amend the Internal Revenue Code so that gym memberships, pool passes, sports league and parks-and-rec fees would be tax deductible up to $1,000, or $2,000 for families.
The list also includes exercise equipment that does not exceed $250, so swim gear would apply.
The aquatics industry backs the bill.
Lauren Stack, mission development director for the National Swimming Pool Foundation, believes anything that could help get people moving again would only be a good thing for the industry.
“This winter I have addressed several pool industry groups suggesting that our true competitor is the time and money people spend on things that make them inactive,” such as TVs, cable, video games, Internet, computers and smart phones. “We support PHIT wholeheartedly.”
Previous efforts to pass the legislation have gained widespread, bipartisan support. In the last legislative session, it gained 90 cosponsors from the House and 13 from the Senate.