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.
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