Your Gym Membership Could Be a Tax Break

A bill was just voted out of committee this week that could get us closer to putting our gym memberships down as tax breaks.

The bill would give favorable tax treatment to things that include exercises and workouts at the gym.

The measure if it were to become a law would allow taxpayers to use qualifying costs towards the medical expense deduction.

The legislation, which cleared the House Ways and Means Committee on Thursday, would allow gym memberships and certain other exercise costs to qualify as a medical expense.

The tax break would have a limit of $500 for individuals and $1,000 for heads of households as well as couples who file their returns together.

Shares of Planet Fitness saw a jump after the news, rising over 4%.

It’s not determined if the measure will ever become a law however.

Disclaimer: We have no position in Planet Fitness Inc. (NYSE: PLNT) and have not been compensated for this article.