Earlier this month, Michigan Congressman Thaddeus McCotter introduced HR3501, a bill more commonly referred to as HAPPY, the Humanity and Pets Partnered Through the Years Act. The new bill proposes a change to U.S. Tax Code that would allow pet care up to $3,500 to be tax deductable. Qualifying expenses include veterinary care, but won’t include the cost to acquire a new pet. The deduction is exclusive to legally owned, domestic animals. Animals used for research or owned in conjunction with a business do not qualify. HAPPY was drafted to encourage responsible pet care and reduce the abandonment of pets by people struggling as a result of the economic downturn. The bill also mentions that 63 percent of U.S. households include a pet and that the human-animal bond has been shown to have positive effects upon people’s emotional and physical well being. I don’t currently itemize my taxes, but if I could deduct pet care, it might become worth it for me to change the way I file. I’m not convinced that HAPPY will help reduce the number of abandoned dogs, but I do think it has the potential to encourage responsible pet care. It also legitimizes animals as a member of the family since we can currently deduct for human health care and education. However, if HAPPY passes, I would hope that no one would buy a pet because of the potential tax benefit (which isn't much compared to the cost of caring for an animal). Finish the article here |
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Wednesday, August 26, 2009
Tax Break for Pets, from Bark Magazine
Tax Break for Pets
Rep. McCotter introduces HAPPY to encourage responsible pet care.
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