The HAPPY bill, or Humanity and Pets Partnered Through the Years (HAPPY) Act H.R. 3501 will allow pet owners to deduct pet care expenditures up to $3500 per year. This could come as a great boon to many pet families who suffer under great burdens keeping their pets healthy. Many who have pets in their families have discovered the total costs of vet bills, and when that pet gets sick it can become extremely difficult to carry on in this economy.
U.S. Representitive Thaddeus McCotter (R-MI) introduced the bill this past July 31st, 2009. Who knows, maybe pet families will see some ease of financial needs.
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."
Link, via PetWellbeing.com