New York Considers Tax Break for Pets With Deductions for Food, Grooming, and Vet Bills

Pet owners in New York could soon get a new tax credit to help pay for their furry friends.Two lawmakers have introduced a bill in the state assembly that would allow tax filers to claim up to $900 per taxable year for expenses related to up to two pets.The credit would be divided into two categories: up to $150 for everyday pet expenses such as food, toys, and grooming supplies and up to $300 for medical and veterinary expenses per pet.“No one should have to choose between staying afloat and caring for family,” one of the sponsors, Assemblyman Steven Raga, said in a Facebook post.The other sponsor, Assemblywoman Rebecca Seawright, previously supported the creation of a $100 tax credit to adopt a pet from an animal shelter.To qualify, pets would need to be dogs or cats kept primarily for companionship and maintained in or near the owner’s household. The bill specifically excludes certain animals from the definition of “household pet,” such as research animals, breeding animals, and working dogs like police or detection dogs.Taxpayers would need to provide documentation to the tax commissioner proving pet ownership and the actual costs incurred.The bill’s backers say the tax credit aims to provide financial relief for pet owners and it would become effective for taxable years beginning on or after January 1, 2026.The bill has been referred to the Assembly’s Ways and Means Committee.There is no federal tax credit for pets because the IRS says that most pet expenses are considered personal expenses and non-deductible. The only animal expenses that can be claimed on federal taxes are for dogs that qualify as service animals.A New York attorney is embroiled in a lawsuit against the IRS after she was denied being allowed to claim her 8-year-old golden retriever, Finnegan, as a dependent on her federal taxes.Amanda Reynolds claims in the lawsuit that her dog is “entirely dependent” on her for survival.

New York Considers Tax Break for Pets With Deductions for Food, Grooming, and Vet Bills

New York Considers Tax Break for Pets With Deductions for Food, Grooming, and Vet Bills

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