From Utah, home of many dietary supplement companies, comes a bill aimed at raising the profile—and tax status—of healthy products with approved U.S. Food and Drug Administration health claims.
Rep. Chris Cannon, R-Utah, introduced the Dietary Supplement and Healthy Meal Replacement Tax Parity Act (H.R. 1545) on April 12. The bill would amend the U.S. tax code to treat the cost of those approved products as medical expenses. This would allow the Internal Revenue Service to consider those expenses as deductible under Health Savings Accounts.
?Unfortunately, when talking about our health, we often focus on treatment rather than preventative measures,? said Cannon in a release. ?Doing everything we can to encourage individuals to eat right and to exercise will lead to a healthier population which in turn leads to less expensive healthcare for all of us.?
In order to qualify for the deduction, meal replacement products must be low in fat, and must be a good source of protein, fiber and multiple essential vitamins and minerals.
?This bill won?t solve all of our nation?s health problems, but study after study has shown dietary supplements and low-fat meal replacements promote a healthy lifestyle and decrease obesity,? Cannon said.
Natural Foods Merchandiser volume XXVI/number 6/p. 12