Text of Bill

Thaddeus McCotter (R-MI) introduced this Bill in July somewhat under the top tier media radar. But it has made ripples throughout the bloggosphere and pet forums where most who comment on it are opposed. The argument nearly every time degrades into a "pets are not children/I'm forced to subsidize your kid" stalemate. Of course there are other predictable angles from congress should have something better to do, to the Treasury will see revenues fall even further. Then there are those who feel the up to $3500 deduction would only encourage hoarding and sway people who otherwise wouldn't consider a pet to take the plunge. That may be a bit reactionary considering the deduction is for the actual care of the pet and not a simple credit.

Quote :

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.

Currently I am all for this proposal. The biggest obstacle is going to be what the CBO says the loss to the Treasury could be. The entire pet industry is estimated in the $40 billion range for products, services and care. Charles Rangle (D-NY) chairs the House Ways and Means Committee, and with the current struggle to make health care a deficit neutral proposal coupled with his own tax problem investigations, I predict H.R. 3501 dies in committee. Too bad, I could desperately use that deduction on our yearly debt to the IRS.

¿What's your view of deductions for pet care?

I don't know. Sure, it would be nice to have more money... but is it really necessary? Our government is spending in record amounts and inching themselves into more and more of our private lives. I can only imagine that this will give them a way to set up a form of healthcare for pets.