Tax Deductions for Pets?

How about a $3,500 tax deduction for pet care?

Are you interested in a tax deduction of up to $3,500 for pet care?

We’re just catching up with the proposed bill, called the Humanity and Pets Partnered Through the Years (HAPPY) Act, but thought you’d like to know.

A Michigan Republican, Rep. Thaddeus McCotter, has introduced a bill that would allow the deduction of up to $3,500 on federal taxes for “qualified pets.”

It defines “qualified pet” as “legally owned, domesticated, and live animals” and says qualified care would include vet care.

The bill justifies the proposed deduction by noting that the human-animal bond “has been shown to have positive effects upon people’s emotions and physical well-being.”

Introduced on July 31, HR 3501, or HAPPY Act, would amend the IRS code to allow an individual to deduct up to $3500 in a taxable year for qualified pet care expenses. The bill defines qualified as “amounts paid in connection with providing care (including veterinary care) for a qualified pet expense other than any expense in connection with the acquisition of the qualified pet.

The bill has been referred to the House Committee on Ways and Means. It has the support of the Pet Industry Joint Advisory Council (PIJAC), a trade association representing the pet industry, which states in its Pet Alert issued on August 5

Providing pet owners the opportunity to deduct pet care expenses is an important step towards ensuring that pet owners provide adequate veterinary and other necessary pet care. It encourages responsible pet ownership and will hopefully reduce the abandonment of pets by people struggling as a result of the economic downturn.

Click here to read the full bill.

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