Tax Credit for Youth Organized Sport Equipment Expenses
This bill introduces a new tax credit allowing parents to deduct certain expenses for sports equipment for children and youth participating in organized sports. The aim is to encourage physical activity and ease financial burdens on families. The credit has a dollar limit and is subject to income limitations.
Key points
Allows a nonrefundable tax credit of up to $200 annually for equipment expenses for dependents under 19 participating in organized sports.
The credit amount is reduced for taxpayers with modified adjusted gross income exceeding $150,000.
These changes will apply to tax years beginning after December 31, 2023.
Expired
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