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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.
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Additional Information
To amend the Internal Revenue Code of 1986 to allow a nonrefundable credit for certain organized sport equipment expenses.
Print number: HR 6703
Sponsor: Rep. Lawler, Michael [R-NY-17]
Process start date: 2023-12-11