Today's Law As Amended


PDF |Add To My Favorites | print page

AB-942 Personal income taxes: credit: veterinary costs.(2017-2018)



As Amends the Law Today


SECTION 1.

 Section 17052.4 is added to the Revenue and Taxation Code, to read:

17052.4.
 (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to 50 percent of the amount paid or incurred during the taxable year by a taxpayer for qualified veterinary costs for a taxpayer’s pets, not to exceed two thousand dollars ($2,000) per taxable year.
(b) For purposes of this section:
(1) “Pet” means a domesticated cat or dog owned by the taxpayer.
(2) “Qualified veterinary costs” means the amount paid or incurred for medically necessary expenses paid to a licensed veterinarian, including, but not limited to, vaccinations, annual checkups, surgeries, and drug prescriptions. Qualified veterinary costs does not include expenses reimbursed by pet insurance.
(c) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
(d) Section 41 does not apply to the credit allowed by this section.
SEC. 2.
 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.