Proposed Bill Allows For Pet Deductions

A bill pending in Congress would give pet owners tax deductions of up to $3,500 for taking care of their pets.

The proposal, H.R. 3501, was introduced by Rep. Thaddeus G. McCotter (R-MI). It also is known as the Humanity and Pets Partnered Through the Years or HAPPY Act.

Pet owners could deduct expenses for the care, including veterinary care, of a pet up to $3,500. Pets are defined as "legally owned, domesticated, live animals." However, animals used in research or in conjunction with a business or similar use won't qualify.

The bill notes that according to the "2007-2008 National Pet Owners Survey, 63 percent of United States households own a pet" and "Human-Animal Bond has been shown to have positive effects upon people's emotional and physical well-being."

Pet owners on various blogs are pushing passage for the bill. Others think there are more important issues facing the country. One creative individual has even come up with the form "W-K9," or Individual Pet Tax Return, which you can see here.

So what do you think? Worthy or a waste?