Do you have a pet in New York? This could be good news for your wallet.
It is no secret that costs associated with our pets can be very expensive, from day-to-day care to unexpected medical emergencies.
Because of this, a bill in the New York State Assembly is proposing tax credits for expenses related to the well-being of our furry friends. The benefit would include expenses from 2026 fiscal year.
The proposal would allow pet owners to claim credits for expenses incurred in 2026 for up to two animals.
What types of pets would qualify for this benefit?
The bill states “domestic pet,” which is defined as any “dog or cat kept primarily for the purpose of companionship.”
How much money could you receive per pet?
Under this proposal, an owner could receive credits of up to $150 per each pet for everyday expenses. That includes food, leashes, grooming supplies and other items deemed essential for a pet’s care.
Additionally, the credit covers up to $300 for medical or veterinary expenses, including annual check-ups, medications and emergency care.
All of this is subject to a maximum total of $900 per fiscal year for the two pets combined.
Which expenses would be included?
Medical and veterinary expenses: annual exams, medications, emergency care, and tests as deemed necessary by veterinarians.
Everyday expenses: food, carriers, leashes, litter boxes, cat litter, harnesses, collars, grooming supplies, toys, and other items considered essential for pet care.
What documentation would be required if the bill passes?
Qualifying individuals may be required to provide proof of ownership of the domestic pets, as well as documentation verifying the actual costs incurred in caring for said pets, in order to substantiate their credit claim.