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.
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