The Home Run for Kids Act would create a nonrefundable federal tax credit for qualifying equipment expenses tied to a dependent’s participation in an organized sport, game, or hobby program. The credit would be capped at $200 and reduced for taxpayers with modified adjusted gross income above $150,000. It would be unavailable once income is $65,000 above that threshold. The credit would apply to tax years beginning after December 31, 2023.
If you claim a dependent under the specified tax rules, you may be able to claim a credit for qualifying equipment expenses for that dependent’s participation in a qualifying program. The credit cannot exceed $200 and is reduced at higher income levels. Because it is nonrefundable, it can reduce tax owed but cannot exceed the taxpayer’s tax liability.
No publicly available information about the bill’s estimated cost or revenue effects.
No publicly available information.
No publicly available information.