Just thought you'd be interested...
In the November issue of Shape, there are two new federal health bills:
Personal Health Investment Today Act of 2006 (PHIT) - would allow you to put aside up to $1,500 annually in a pretax savings account to pay for exercise programs and equipment, sports league fees, and health club memberships. It says you'd save 25 to 30% a year on fitness related costs because they wouldn't be paid for with taxable income.
Workforce Health Improvement Program Act of 2005 (WHIP) - WHIP would help eliminate the tax you pay on subsidized memberships to health clubs. (If your employer reimburses you for part of your gym dues, you currently have to pay taxes on that money.) Depending on your tax bracket, that could save you $140 a year on a $500 reimbursement.
HTH.
Marcy
In the November issue of Shape, there are two new federal health bills:
Personal Health Investment Today Act of 2006 (PHIT) - would allow you to put aside up to $1,500 annually in a pretax savings account to pay for exercise programs and equipment, sports league fees, and health club memberships. It says you'd save 25 to 30% a year on fitness related costs because they wouldn't be paid for with taxable income.
Workforce Health Improvement Program Act of 2005 (WHIP) - WHIP would help eliminate the tax you pay on subsidized memberships to health clubs. (If your employer reimburses you for part of your gym dues, you currently have to pay taxes on that money.) Depending on your tax bracket, that could save you $140 a year on a $500 reimbursement.
HTH.
Marcy