PHIT Act

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Feb 6, 2018
15
3
MN
Not sure if anyone has been following the PHIT Act that has passed the congress and is waiting on the senate. Basically it allows you to use your pretax HSA account(with a limit) to pay for youth sports and safety equipment...Hopefully bats will count :) I would think this will pass the senate but it wouldn't hurt to let your local senate representatives know where you stand.

https://www.clubindustry.com/news/phit-act-passes-long-sought-us-house-vote-advances-senate
 
May 6, 2015
2,397
113
as someone who has had to determine exactly how legislation takes actual affect in the real world, the devil will be in the details. Is there anyone who has or can take a look and see what exactly is eligible and what is not?


What I gleaned from a quick read:

it is actually allowing a tax deduction to be taken (and if it is a deductible medical expense, you can use HSA for it), so if you do not have an HSA, it still can help.

there is an annual $500 limit it appears for individual filers, double that for joint filers or head of household (so generally any youth sports parent can use the double limit)

$250 limit on items of safety equipment, not certain if this is per item or cumulative

I do not see anything specific for youth sports, $64k question is would youth sports fees, lessons, etc. fall under "participation or instruction in a program of physical exercise or physical activity", industry groups seem to think so.
 

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