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IN HB1029
Bill
Status
1/4/2017
Primary Sponsor
Ronald Bacon
Click for details
AI Summary
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Establishes a tax credit for veterinary services providers who perform spay-neuter procedures on dogs or cats at no cost to the animal owner.
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Credit amount equals the lesser of: (1) total number of free spay-neuter procedures multiplied by the provider's average procedure cost multiplied by 5%, or (2) $3,700 per taxable year.
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Applies to veterinarians operating as sole proprietors and to professional veterinary corporations or business entities where a veterinarian is affiliated.
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Allows pass-through entity shareholders, partners, beneficiaries, or members to claim the credit based on their distributive income percentage if the entity has no state tax liability, but prevents double-claiming between the entity and individual owners.
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Takes effect January 1, 2017 (retroactively) and applies to taxable years beginning after December 31, 2016; unused credits cannot be carried forward, back, or refunded.
Legislative Description
Veterinarian tax credit. Provides a tax credit against adjusted gross income tax liability of a veterinary services provider that performs a spay-neuter procedure on a companion animal at no cost to the owner of the companion animal. Defines a "companion animal" as a dog or a cat. Defines "veterinary services provider" as a: (1) veterinarian, if the veterinarian provides veterinary services as a sole proprietor; or (2) professional services corporation or other business entity, if a veterinarian provides veterinary services through the veterinarian's affiliation with the professional services corporation or other business entity. Specifies that the amount of the credit
Last Action
First reading: referred to Committee on Ways and Means
1/4/2017