Pet Tax Write-Off / Post 2 about H.R. 3501

Your Pet Could Be a Tax Write-Off

See previous Post about this Bill before Congress

Humanity and Pets Partnered Through the Years (HAPPY) Act (Introduced in House)

HR 3501 IH

111th CONGRESS 1st Session

H. R. 3501

To amend the Internal Revenue Code of 1986 to allow a deduction for pet care expenses.

IN THE HOUSE OF REPRESENTATIVES

July 31, 2009

Mr. MCCOTTER introduced the following bill; which was referred to the Committee on Ways and Means

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A BILL

To amend the Internal Revenue Code of 1986 to allow a deduction for pet care expenses.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Humanity and Pets Partnered Through the Years (HAPPY) Act'.

SEC. 2. FINDINGS.

The Congress finds the following:

(1) According to the 2007-2008 National Pet Owners Survey, 63 percent of United States households own a pet.

(2) The Human-Animal Bond has been shown to have positive effects upon people's emotional and physical well-being.

SEC. 3. DEDUCTION FOR PET CARE EXPENSES.

(a) In General- Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to additional itemized deductions for individuals) is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section:

`SEC. 224. PET CARE EXPENSES.

`(a) Allowance of Deduction- In the case of an individual, there shall be allowed as a deduction for the taxable year an amount equal to the qualified pet care expenses of the taxpayer during the taxable year for any qualified pet of the taxpayer.

`(b) Maximum Deduction- The amount allowable as a deduction under subsection (a) to the taxpayer for any taxable year shall not exceed $3,500.

`(c) Qualified Pet Care Expenses- For purposes of this section, the term `qualified pet care expenses' means amounts paid in connection with providing care (including veterinary care) for a qualified pet other than any expense in connection with the acquisition of the qualified pet.

`(d) Qualified Pet- For purposes of this section--

`(1) QUALIFIED PET- The term `qualified pet' means a legally owned, domesticated, live animal.

`(2) EXCEPTIONS- Such term does not include any animal--

`(A) used for research or owned or utilized in conjunction with a trade or business, or

`(B) with respect to which the taxpayer has claimed a deduction under section 162 or 213 in any of the preceding 3 taxable years.'.

(b) Clerical Amendment- The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by striking the last item and inserting the following new items:

`Sec. 224. Pet care expenses.

`Sec. 225. Cross reference.'.

(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2009.

YOUR PET COULD BE A TAX WRITE-OFF

Your Pet Could Be a Tax Write-Off

Imagine if your pet care expenses were tax deductible. I would wager that most pet owners have thought about it before - I do every year. After all, we can deduct our own health care expenses and many of our purchases, so why not our pets?

Soon, tax-deductible pets could become a reality if a proposed bill passes.

Enter H.R. 3501: the Humanity and Pets Partnered Through the Years (HAPPY) Act, introduced by U.S. Representative Thaddeus McCotter. The proposed legislation would amend the Internal Revenue Code of 1986 to allow taxpayers to deduct up to $3,500 per year for the expenses of legally owned pets. Best of all, it includes veterinary expenses.

According to the proposal, there are two major factors to justify the bill. First, the 2007-2008 National Pet Owners Survey states that 63 percent of US households own a pet. In addition, they acknowledge the positive impact that the human - animal bond has upon people's well-being, both emotional and physical.

If passed, the legislation would be effective beginning in the tax year 2010.

To me, this is utterly amazing and, quite frankly, a bit shocking. We all know the high cost of dog ownership and that every little bit helps. This bill could bring a whole new light to saving money on our pets' expenses.

Do you want to show your support for this bill and help it get passed? With the help of the ASPCA, write to your U.S. representative and ask him or her to support and cosponsor the HAPPY Act.

Now we want to hear from you. What are your thoughts on this bill? Is there a downside, or is this simply a dream come true? Tell us what you think.

Due to the importance of getting this information out to as many people as possible this Post was taken from Jenna's Dogs Blog By Jenna Stregowski, RVT, About.com Guide to Dogs. Please contact your U.S. Represenative about H.R. 3501.