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A New Law Awarding Up To $125 Tax Credit For Adopting A Pet In NY State.

A New Law Awarding Up To $125 Tax Credit For Adopting A Pet In NY State.

Two bills are proposed encouraging the adoption of pets with lesser financial burden, one in the New York Assembly and other in the Senate Assembly.

Today, the number of euthanized animals could be reduced dramatically if more people adopted pets instead of buying them. As when you adopt, you save a loving animal by making them part of your family and open up shelter space for another animal who might be desperately needing it.

According to the ASPCA, about 6.5 million companion animals enter US shelters every year. What's worse is that approximately 1.5 million of those animals will be euthanized. But if we adopt these animals, although the adoption fees are there still they can be saved through this.

Adoption

 

Recently, a new bill was proposed in the New York State Assembly and another bill in the senate assembly. The bill says that people who adopt a pet from a shelter house, they will then be eligible for tax in a tax year. These bills propose to lessen the financial burden. Although the tax amount differs in both the bills.

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The Assembly's edition proposes a credit for the fee of the adoption payment or a maximum of $125, whichever is less in both of these. This state assembly's bill edition doesn't restrict a maximum number of adoptions per tax year. However, the Senate's version is a flat credit of $100 for up to three cats or dogs adopted in a tax year.

The bill is favourable for both, the person who is adopting and the organization who is having the pet. As this bill says that it will reduce the cost of adoption, as well as no burden of funds, will be taken from the shelter homes.

 

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In some cases, this waiving of the adoption fee is difficult for the shelter homes themselves but more people are encouraged to adopt pets and more potential families come forward to adoption. Also, the belief that adoption fees will lead the animals to better quality homes is proven false now.

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Both of these bills are presently in the committee and if they are passed and it becomes a law, then New York will be the first state to introduce such incentive program.

Source

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