Hey, it’s tax day (don’t panic, you still have until Tuesday at midnight to file) so I thought we could spend a few minutes talking about taxes, deductions and credits. A few months back, I wrote about the fitness tax credit being offered to Canadian taxpayers and what a great idea I thought that would be if we had something similar here in the States. As it turns out, there was a bill introduced in the 109th Congress that ended up in Ways and Means and stalled there.
The bill received very little media attention and it was not reviewed in that committee nor did the House of Representatives ever vote on it. This January, the bill was reintroduced as House Resolution 245, the Personal Health Investment Today Act of 2007.
So What Does This Resolution Mean For You & Me?
The The Personal Health Investment Today Act of 2007 would amend the Internal Revenue Code of 1986 in order to treat certain amounts paid by consumers for physical fitness programs and for exercise equipment in a similar manner as amounts paid for medical care.
While this bill went nowhere last year, there’s an opportunity for it to make some progress through Ways and Means this year. It’s revolutionary in the fact that it’s the first serious effort to appear on the agenda of the U.S. Congress to promote preventative health maintenance on the same level as actual medical spending.
Inspiring Legislation
This type of legislation can actually be a positive step forward and promote exercise and fitness to a host of people that would like to do more, but can’t afford it or can’t justify the expense in their budget. If it made fitness programs more affordable for the individual, it would provide an economic boon for the fitness industry. The arguments against such a tax credit is that it could raise the deficit and lower the tax revenues, but those revenues could be increased in corporate and business taxes paid by the fitness industry that may see an economic boon from this type of action.
Did I make sense there?
Some Changes to the Resolution I’d Like to See
In order to really promote the Personal Health Investment Today Act there are some additions I’d like to see made to it. For one, I’d like to see smoking cessation programs and weight loss programs added to it. Smoking cessation can cost nearly twice as much as actually smoking and considering the consistent rise in taxes on tobacco products – the government profits on this unhealthy habit, so it would be nice to see them encouraging cessation as a health investment.
Obesity is an in your face issue these days and that’s another danger to personal health. There are multiple options out there for weight loss and most of those programs cost money and for individuals, this can be a costly investment that may or may not take away from funds for the rest of the family. Adding weight loss programs to this resolution would seem like an ideal match?
Where Are We Now?
For now, House Resolution 245 is back with Ways and Means. If you are interested in seeing this resolution push out of committee, now would be the time to write to your local representative and express your interest and support. I’d love to see a real debate on this issue and a real discussion. It’s one that could benefit the American people, the American business industry and the general standard of our health. Granted, it’s only an option if people take advantage of it, but it’s still an option that’d like to see offered.
What do you think of the Personal Health Improvement Today resolution?