Tax Credit for Children's Organized Sport Equipment
This new bill introduces a tax credit for parents to help cover the costs of sports equipment for children and youth under 19 participating in organized activities. The aim is to reduce financial burdens associated with children's sports. The credit has a dollar limit and an income limit, meaning not everyone will qualify for the full amount.
Key points
Up to $200 tax credit for expenses on sports equipment for children.
Applies to children under 19 involved in organized sports programs.
The credit amount will be reduced for higher-income earners (above $150,000 annually).
Changes are effective for tax years beginning after December 31, 2023.
Status:
Introduced
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