congress

HAPPY Act Would Allow Pet Owners up to $3,500 Tax Deduction

Filed under: Pets

Even if you don't have pets, you've likely noticed how much more people are spending on their companion animals, and I don't just mean the vet, food, leashes, and litter. I'm talking about all the extras, such as carry bags, clothing, parties, day spas, etc. We've even mentioned on this site a number of expensive items you can purchase to indulge yourself, I mean, your pets. In fact, The American Pet Products Association reports that 2009 spending on pets hovers around $45.4 billion.

That said, no one is twisting pet owners' arms to buy all this stuff. But pet owners will be happy to know that they may get some relief from their day-to-day pet expenses in the form of the HAPPY [Humanity and Pets Partnered Through the Years] Act, a bill before Congress that would allow pet owners a tax deduction of up to $3,500 per person for pet care, including veterinary expenses. The bill, introduced by Rep. Thaddeus McCotter (R-Mich.), defines a pet as "a legally owned, domesticated, live animal," which covers dogs, cats and an assortment of other creatures.

When I mentioned the act to my family, I said, "I guess I'll need to prove I have pets, such as bringing a vet bill to the accountant." And they pointed out to me that years ago, no one had to prove they had children, and my parents even told me about some people they heard about who claimed to have children just for the deduction. (Now newborns leave the hospital as tax-paying citizens, complete with a Social Security number.)

USA Today has a good article on the HAPPY Act.

Tags: Congress, deduction, deductions, HAPPY Act, HappyAct, pet, pets, tax, taxes

Four Reasons Business Jets Are Back in Style

by Tom Johansmeyer (RSS feed) —

Filed under: Luxury Travel & Hotels, Wings

Private jet travel is back! When we were in the depths of the financial crisis, the best way to fly was a sure way to attract criticism, especially when the Detroit auto executives showed up before Congress a year ago and had to explain why ailing companies were forced to shell out for the perk. Well, the private jets are coming back into style, but it's more for pleasure than business.

Business jet manufacturers delivered only 615 in the first three quarters of 2009, a steep decline of 37.8 percent year-over-year, according to the General Aviation Manufacturers Association. According to Jack Petlon, CEO of Cessna, though, there are signs of life. "With the financial collapse that occurred there was a lot of anger, a lot of hurt, a lot of people reaching out and striking at what became an image and the image was a corporate business jet," he told Forbes. He continued, "We as an industry are now spending our time righting that wrong perception."

Here are four facts you may not have know about business (and private) aviation:

Source

Tags: business, business jet, business jets, BusinessJet, BusinessJets, cessna, congress, National Business Aviation Association, NationalBusinessAviationAssociation, private jet, private plane, PrivateJet, PrivatePlane