Supplement tax bill
This article was originally published in The Tan Sheet
Executive Summary
"Dietary Supplement Tax Fairness Act" introduced in Senate Aug. 2 would make cost of dietary supplements, medical foods and foods for special dietary use tax-deductible for employers, excluded from taxable income for employees, Sen. Tom Harkin (D-Iowa) explained in same-day comments. Harkin cosponsored S 1330 with Sen. Orrin Hatch (R-Utah). Bill would allow such products to be treated as medical expenses, even though they are not drugs. However, measure would require supplements meet GMP standards "to receive the improved tax treatment," Harkin notes. Bill has been assigned to Finance Committee