Tax rebate for pet owners

[Beanie]

Saw this on Twitter:
Your dog may soon be able to fetch you a nice big rebate on your federal taxes

Kinda interesting idea... I don't really know what it's based on though. I like to read a lot of literature on stuff before making up my mind, LOL, so I'm not sure what I think of it yet.

[PoodleMommy]

I had seen this before and it seemed like you could get a rebate for certain expenses and only up to a certain amount... but any amount would help out I suppose. Although most people I talked to think it will never happen. I think people started talking about it because they saw how many animals were being dumped because of the economy and the fact that people couldnt even afford the basics for them.

[Lolas Dad]

It would never pass even if it were to come up for a vote. Having pets in your life is optional just as having children is optional as well although the more you have of the children the better tax breaks you get. As always though the expenses outweigh the tax breaks.

[Beanie]

This is a "warm fuzzy" bill that is right in line with a lot of other stuff people have been wanting to push through... I could see it being pushed through.


Oh, and just for fun (my kind of fun anyway) - here's the full text of the bill!
Search Results - THOMAS (Library of Congress)

[bubbatd]

Hmmmm ....good if would give rebate for adoption and fostering as this saves the gov. , but not for bought dogs .

[Xandra]

Agree with Lola's Dad.... pet keeping is optional and I don't see why people who have pets should get a break over people who don't. As far as contributing to the economy there are people who have dogs who keep them chained 24/7 and feed them roadkill, and there are people who don't have animals that spend themselves into near poverty.

And "change the culture in this country around animals"... how? why? they already get some of the best treatment anywhere in the world. The USA is a good place to be a dog.

[PoodleMommy]

the rebate is for pet care expenses... so you would probably need to prove your expenses in order to get the deduction.

Originally Posted by bubbatd

Hmmmm ....good if would give rebate for adoption and fostering as this saves the gov. , but not for bought dogs .

why?! because people who buy their pets dont have the same care costs?

[corgipower]

DogWare: 1040-DOG Income Tax Form

[PoodleMommy]

haha corgipower... some of those are hilarious.

[Beanie]

Yeah, if you actually read the bill...

(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.

Very losely defined but it appears to be at least vet care, and likely food. So if people don't provide vet care, they don't get to take advantage of it. The expenses of getting the dog, either through paying at a shelter or buying from a breeder, doesn't count one way or another.
And it's apparently a deduction, not really a refund... so it might LEAD to a bigger refund. Just like how a teacher is allowed a certain amount of deductions on teaching expenses, so, too, would a pet owner be given a certain amount of deductions on pet care.
Though the proposed amount for pet owners is WAY higher than they allow for teachers.

But I suppose choosing teaching as your profession is optional too, so you shouldn't get a break for that. And choosing to pursue higher education is optional too, so you shouldn't get a break for that. And contributing to your 401K and IRA is optional too, so you shouldn't get a break for that.
Sheesh, deductions are just insane...