PHIT Act of 2023

The PHIT Act of 2023 would allow taxpayers to deduct certain fitness expenses as medical costs on federal tax returns. It defines "qualified sports and fitness expenses" to include gym memberships, exercise classes, and equipment used exclusively for physical activity, with a yearly limit of $1,000 ($2,000 for joint filers). To qualify, fitness facilities must focus on health (not offer golf or hunting) and comply with anti-discrimination laws, while equipment costs are capped at $250 per item. This change would take effect for tax years beginning after the bill's enactment.