Bill > HR2637

This bill introduces a new tax credit called the "Home Run for Kids Act" that would allow taxpayers to claim a nonrefundable credit for expenses related to organized sports equipment for their dependents. Specifically, the credit would provide up to $200 in tax relief for purchasing equipment for children under 19 participating in organized sports programs. The credit is subject to income limitations, with the amount phasing out for taxpayers whose modified adjusted gross income (MAGI) exceeds $150,000, and completely reducing to zero at $215,000 ($150,000 + $65,000). To qualify, the expenses must be for equipment used in a sports program primarily involving unrelated individuals under 19 years old, and the dependent must be one for whom the taxpayer can claim a deduction. The bill would apply to taxable years beginning after December 31, 2023, providing a new financial incentive for parents to support their children's participation in organized sports activities.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2637/all-info