Search Results: keywords:"equipment cost limit"

  • H. R. 1506 — To amend the Internal Revenue Code of 1986 to treat qualified water competency and water safety lesson expenses as medical expenses.
    💰
    Status:Introduced in House
    Words:518

    H. R. 1506 proposes changes to the Internal Revenue Code of 1986 to consider certain water safety and swimming lesson expenses as medical expenses. If passed, individuals can treat up to $500, or $1,000 for joint filers or heads of household, spent on basic water safety and...

    Simple Explanation

    H.R. 1506 is a plan to let people save a bit of money on taxes if they spend up to $500, or $1,000 for families, on swimming and water safety lessons to help keep them safe in water. But, these lessons can't be for learning how to swim fast in races, and no single item of gear should cost more than $100.

  • H. R. 9298 — To amend the Internal Revenue Code of 1986 to treat qualified water competency and water safety lesson expenses as medical expenses.
    💰
    Status:Introduced in House
    Words:498

    H. R. 9298, also known as the "Safe Water Instruction for Minors Act of 2024" or the "SWIM Act of 2024," seeks to amend the Internal Revenue Code of 1986. It aims to classify payments for water competency and water safety lessons as medical expenses, which would make them...

    Simple Explanation

    The SWIM Act of 2024 aims to let families save money on their taxes if they spend money on learning how to be safe around water. However, they can't spend too much each year, and it doesn't cover swimming races.