HAPPY bill
Posted: Sun Nov 01, 2009 11:50 pmI just heard about this on the news. Pros and Cons, what do you think?
Act H.R. 3501, entitled "Humanity and Pets Partnered Through the Years (HAPPY) Act", would institute a change within the Internal Revenue Code of 1986 to permit pet owners to deduct up to $3500 from their taxable income expenses they occurred in providing adequate pet care. Most routine pet care expenses would be covered however the cost of purchasing a pet would not be covered. Pets that qualify should be able to be described as "a legally owned, domesticated, live animal" and therefore does not include animals that are owned or utilized in conjunction with a trade or business or animals that are used for research.
The HAPPY Act was introduced on 31 July, 2009, and was written based on research supplied by the American Pet Products Association’s National Pet Owners Survey and was then referred to the House Committee on Ways and Means. The Pet Industry Joint Advisory Council is giving their full support and issued an alert on 5 August, 2009:
"Providing pet owners the opportunity to deduct pet care expenses is an important step toward ensuring that pet owners provide adequate veterinary and other necessary pet care. It encourages responsible pet ownership and will hopefully reduce the abandonment of pets by people struggling as a result of the economic downturn."
Act H.R. 3501, entitled "Humanity and Pets Partnered Through the Years (HAPPY) Act", would institute a change within the Internal Revenue Code of 1986 to permit pet owners to deduct up to $3500 from their taxable income expenses they occurred in providing adequate pet care. Most routine pet care expenses would be covered however the cost of purchasing a pet would not be covered. Pets that qualify should be able to be described as "a legally owned, domesticated, live animal" and therefore does not include animals that are owned or utilized in conjunction with a trade or business or animals that are used for research.
The HAPPY Act was introduced on 31 July, 2009, and was written based on research supplied by the American Pet Products Association’s National Pet Owners Survey and was then referred to the House Committee on Ways and Means. The Pet Industry Joint Advisory Council is giving their full support and issued an alert on 5 August, 2009:
"Providing pet owners the opportunity to deduct pet care expenses is an important step toward ensuring that pet owners provide adequate veterinary and other necessary pet care. It encourages responsible pet ownership and will hopefully reduce the abandonment of pets by people struggling as a result of the economic downturn."
