Pets: Tax deductions and credits for pet-related expenses? One state is considering it
flickr photo by overdrive_cz
It's a common joke among pet owners that it would be great to be able to deduct at least a portion of the yearly expenses that are incurred on behalf of companion animals on their yearly taxes, whether it's medical care, food or any of the other things that come along with sharing life with a pet.
There are millions of dollars spent each year on four-legged companions, and, although the sticker shock can be a bit unsettling at times, pet owners will say that undoubtedly, it's worth it.
But what if there was a tax deduction available that would help offset the cost of a owning a pet? In one state, if a bill passes, that would be a reality.
Pet adoption is a hot topic these days, with the overpopulation issue, homeless pets and crowded shelters.
To tackle the issue in the state of Pennsylvania, legislators are considering a bill that would offer a tax credit to adoptive residents, in hopes that it will encourage pet adoptions.
House Bill 1765 was introduced Sept. 26 and immediately referred to that state’s Committee on Finance. It would give a $300 tax credit to any resident who adopts a cat or dog from a qualifying shelter, humane society or rescue group.
The credit would be available until the end of 2013, but would apply to any adoptions made after Dec. 31, 2010, according to language in the proposed bill. Click here to read more on this bill.
For those of you shaking your heads in disbelief, this is not the first time that legislation offering a bit of a break to pet owners has been proposed.
In 2009, U.S Representative Thaddeus McCotter (R - MI) introduced HR 3501 - Humanity and Pets Partnered Through the Years Act, better known as the HAPPY Act. Though the bill has been stalled after being referred to the House Committee on Ways and Means, it was proposed to amend the Internal Revenue Code to allow a tax deduction, up to $3,500 per year, for pet care expenses (including veterinary care).
All of this talk about taxes and pets certainly piques people's interest. How do you feel about the idea of offering tax credits and deductions to pet owners for expenses related to the care of their pets?