Bill > A00631

This bill establishes a tax credit for pet owners to help offset the cost of veterinary services for companion animals, allowing taxpayers to claim a credit equal to 50% of their veterinary expenses, up to a maximum of $2,000 per year. The credit will be available for taxable years beginning on or after January 1, 2025, and applies to a wide range of veterinary services including checkups, vaccinations, microchipping, medical treatments, surgeries, and prescriptions. To claim the credit, taxpayers must provide a receipt from a licensed veterinarian in the state showing the actual cost of services, and any expenses already reimbursed by another party are not eligible. If the credit amount exceeds the taxpayer's tax liability for a given year, the excess can be carried forward to future tax years. The bill is set to expire on January 1, 2031, meaning the tax credit will only be available during this period. This legislation aims to help pet owners manage the often significant costs of veterinary care by providing a financial incentive through the tax system.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A631