The $3500 Pet Tax Credit - Are You Happy?

Discussion in '3reef Radar' started by Matt Rogers, Oct 26, 2009.

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  1. Matt Rogers

    Matt Rogers Kingfish

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    A bill was introduced this summer to amend the Internal Revenue Code of 1986 to allow a deduction for pet care expenses. Were you aware of it? Suddenly it is important to know if are our fish are considered 'domesticated?' Is this for real? :)

    `Humanity and Pets Partnered Through the Years (HAPPY) Act.'

    A BILL

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

    • 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.

    Search Results - THOMAS (Library of Congress)
     
    Last edited: Oct 26, 2009
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  3. bama

    bama Humpback Whale

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    well is a fish considered domesticated.. I would say by normal domestication rules, then yes most of our fish would be..
     
  4. Puffer Chick

    Puffer Chick Giant Squid

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    i hope this passes, i work at a vet and so many people have trouble affording the vet bills. And this will help stop the overcrowding of cats and dogs at high kill shelters as well as help keeping animals off the streets. And it would be cool if fish count
     
  5. coloradoReef

    coloradoReef 3reef Sponsor

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    Hope its for real!:)
    I have a 265G, 40G, Nano, African grey parrot, Mexican Redheaded Amazon, 2 cats and a dog. I NEED IT:eek:
     
  6. Matt Rogers

    Matt Rogers Kingfish

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    Latest Major Action: 7/31/2009 Referred to House committee. Status: Referred to the House Committee on Ways and Means.
     
  7. marlinman

    marlinman Zoanthid

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    Interesting information. I'm going to check it out.
     
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  9. dixiedog

    dixiedog Coral Banded Shrimp

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    That is sadly ironic, in that I cannot write off the $80,000.00 in child support I've paid so far.
     
  10. inwall75

    inwall75 Giant Squid

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    Before anyone uses this info and decides they can now buy another tank or another dog, I recommend watching this video.

     
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  11. fish addict

    fish addict Spaghetti Worm

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    wait so if i spend $3500 i can write it off of my taxes
     
  12. Tbstr3

    Tbstr3 Skunk Shrimp

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    no no no this bill hasnt been past yet would be nice but is a long shot