SWIM Act of 2024 Safe Water Instruction for Minors Act of 2024
Impact
If enacted, the bill would have a significant impact on tax law, as it would allow up to $500 ($1,000 for joint returns) of expenses for water safety and competency lessons to be treated as medical deductions. This change could alleviate some financial burden on families choosing to enroll their children in swimming classes and also incentivize more families to prioritize water safety education. By categorizing these lessons as medical expenses, it creates the potential for greater involvement in preventative education efforts which could lead to lower overall healthcare costs associated with water-related accidents.
Summary
House Bill 9298, 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 by recognizing expenses incurred for water competency and safety lessons as qualified medical expenses. The bill aims to promote water safety education among minors by encouraging parents to invest in swimming lessons, thereby reducing the risk of drowning incidents among children. These lessons will be classified as medical expenses, allowing parents to potentially deduct these costs on their taxes.
Contention
Notably, there may be points of contention regarding the classification of these lessons as medical expenses. Some stakeholders may argue that including swimming lessons within the realm of medical expenses could lead to complications in tax filings and raise questions about the extent of what should be categorized as health-related. Additionally, there may be discrepancies in access to these lessons, with concerns about whether low-income families would benefit as much from these deductions if they struggle to pay upfront for lessons in the first place.