A new NJ bill would hand pet owners up to $900 in tax credits — and your state could be next

Owning a pet does more than just leave you with fur on your furniture. Pet ownership has been shown to improve mental health, it may help owners get more exercise (for those with dogs), and it can even promote healthy aging, research shows (1).

Unfortunately, one thing pet ownership doesn’t help with is sticking to your budget. The American Kennel Club (2) reports that the annual cost of owning a dog is around $2,500, while PetPlace (3) estimates cat care at $760 to $3,495 per year.

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Some New Jersey residents could soon get a little help with those costs, though. The Patch (4) reports that Assembly Bill No. 4995 could offer a tax break to dog and cat owners to help with both routine costs and veterinary care bills.

Here’s what this New Jersey law would look like — along with some other details about efforts throughout the U.S. to throw pet owners a bone and subsidize care costs through tax savings.

Assembly Bill No. 4995 (5) was introduced on May 7 by Assemblyman Alex Sauickie. The proposed law would provide up to $900 in gross income tax credits for pet owners, including: