What's happening
This bill creates a tax credit covering 50% of veterinary costs for companion animals, up to $2,000 per year, through 2023.
Why it matters
Encourages responsible pet ownership and animal welfare. by making veterinary care more affordable, potentially reducing the number of untreated illnesses and preventable surrenders to shelters.
Benefits a wide range of pet-related expenses. , including routine checkups, vaccinations, microchipping, diagnoses, and treatments, which means the credit can help with both preventative and emergency care.
Targets direct out-of-pocket spending. by excluding costs reimbursed by insurance or other parties, ensuring the tax break assists those who bear the full cost themselves.
Allows unused credits to be carried forward. , so if a pet owner’s tax liability is too low in a given year to use the full benefit, they can apply the remainder in future years, maximizing the credit’s value for lower-income or fixed-income taxpayers.
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Who cares
Headline styles
Pet Vet Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
History
- Referred to ways and means
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Tax Credit for Vet Bills
In Senate Committee · Investigations And Government Operations · Sponsor James Tedisco
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7066
2017-2018 Regular Sessions
IN ASSEMBLY
March 31, 2017
Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a tax credit for the cost of veterinary services; and providing for the repeal of such provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:
(ccc) Credit for veterinary services. (1) General. An individual taxpayer shall be allowed a credit for taxable years beginning on or after January first, two thousand seventeen against the tax imposed by this article for the cost of veterinary services performed on companion animals as defined in subdivision five of section three hundred fifty of the agriculture and markets law during the taxable year. The amount of the credit shall be for fifty percent of the actual cost of such veterinary services, but shall not exceed a maximum credit of two thousand dollars.
(2) Definition. The term "cost of veterinary services" shall mean costs paid to a licensed veterinarian for medical services including, but not limited to, checkups, vaccinations, subcutaneous insertions of a microchip intended to be used to identify an animal, and the diagnosing, treating, operating, or prescribing for any animal disease, pain, injury, deformity or dental or physical condition. Provided, however, any amounts which have been paid for or reimbursed by another party shall be excluded from the definition of "cost of veterinary services".
(3) Eligibility. Such taxpayer shall provide an actual receipt or copy thereof from any licensed veterinarian of this state showing the actual cost of such veterinary service.
(4) When credit allowed. The credit provided for in this subsection shall be allowed with respect to the taxable year, commencing after
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10803-01-7
A. 7066 2
January first, two thousand seventeen, in which the veterinary service is rendered.
(5) Carryovers. If the amount of credit allowable under this subsection shall exceed the taxpayer's tax for such year, the excess may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.
§ 2. This act shall take effect immediately, and shall apply to taxable years beginning on or after January 1, 2017; provided, however, this act shall expire and be deemed repealed January 1, 2023.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.