A bill introduced last week in the U.S. House of Representatives would provide a big tax break for pet owners.
The Humanity and Pets Partnered Through the Years (“HAPPY”) Act, introduced by Rep. Thaddeus McCotter (R-MI), is a federal bill that would reward pet owners by allowing them to deduct up to $3,500 for pet care costs, including veterinary services.
Nearly 63 percent of American households have a pet. More than 44 million homes have a dog, and an additional 38.4 million have a cat. Most owners spend up to $1,000 each year on food, veterinary care and other costs, according to the ASPCA.
In 2008, the American Pet Products Manufacturers Association estimated that Americans spent more than $41 billion on their pets. Supporters of the bill say being allowed to use these expenses as deductions would positively affect the tax burden on a majority of American households and ultimately help the economy.
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