You could get $900 tax credit for owning pets in NJ: Here's how
BARCELONA, SPAIN - 2022/01/06: A domestic pet is seen being petted by its owner. From January 5, 2022 and after the reform of the Civil Code, pets in Spain will have the legal status of "living beings endowed with sensitivity" and will cease to be "t
NEW JERSEY - Being a pet parent in New Jersey might soon come with a major financial perk!
What we know:
New Jersey lawmakers are currently considering a bill that would grant dog and cat owners up to $900 in gross income tax credits to offset the rising costs of caring for a pet.
The proposed legislation would give those taxpayers $300 for everyday pet expenses and up to $600 for veterinary bills, totaling a maximum $900 tax break.
Qualified expenses would include food, crates, leashes, litter boxes, collars, grooming supplies and toys, annual exams, medications, emergency care and diagnostic testing.
By the numbers:
New Jersey is the fourth most expensive state for dog ownership in the country, according to MarketWatch.
The 2026 study claims that New Jersey owners spend an average of $32,947 throughout their dog's life. That lifetime cost includes $1,129 in puppy costs, $698 in food and treats, $1,084 in boarding and grooming and$1,111 for insurance and vet care.
The Source: Information from this article was sourced from BillA4995 and MarketWatch.