I have heard rumblings of a tax break for your aquarium and other pets, but never really thought much about it since it was a rumor and hadn’t even gotten a lot of traction. But now, I found the bill itself!
HR3501, also called the “Humanity and Pets Partnered Through the Years (HAPPY) Act” is a bill currently in Congress which would allow for up to $3500 in deductions for your pet expenses. It apparently excludes the initial purchase of the pet, but allows for the $35oo deduction for “pet care” which is basically defined as any pet-related expense except the initial purchase.
The bill also defines the “pet” as a legally owned, domesticated, live animal. The following exceptions are also included:
- 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.
I’m excited at the thought of my pets being a tax deduction, but I think it’s sort of absurd given the economic situation we have today. I personally would benefit from the bill being passed, as I have two black labs and a saltwater aquarium, but I’m not sure if I could support the bill or not. I feel like there could possibly be a lot of misuse and abuse if this bill were passed, and in all honestly, I don’t want to pay to take care of another person’s pets.
However, I wouldn’t mind being able to add aquarium pets to a homeowner’s insurance policy. A lot of people got out of the hobby because of the recent hurricanes and the fact that all that money invested in livestock is gone forever. Some people were able to get some money back for their aquariums, but most couldn’t. But that’s a whole other story altogether.
To view the bill in its entirety, please click on the following LINK.