Home Run for Kids Act

Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 26 the following new section:

In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the qualified organized sport equipment expenses paid or incurred by the taxpayer during the taxable year.

The credit allowed under subsection (a) for the taxable year shall not exceed $200.

The amount allowable as a credit under subsection (a) for any taxable year shall be reduced (but not below zero) by an amount which bears the same ratio to the amount so allowable (determined without regard to this paragraph but with regard to paragraph (1)) as—

(i) the amount (if any) by which the taxpayer’s modified adjusted gross income exceeds $150,000, bears to

(ii) $65,000.

For purposes of this paragraph, the term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933.

For purposes of this section, the term qualified organized sport equipment expenses means expenses which are paid or incurred for equipment in connection with participation of a dependent of the taxpayer (with respect to whom the taxpayer is allowed a deduction under section 151(c)) in an organized sport, game, or hobby program that is conducted primarily for unrelated individuals who have not attained age 19 to engage in such sport, game, or hobby.

The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting before the item relating to section 26 the following new item:

The amendments made by this section shall apply to taxable years beginning after December 31, 2023.