Small Business and Veterinary Workforce Agenda
H.R. 3519 Veterinarian Services Investment Act: This legislation would authorize new grant program for fiscal years to advance unique and innovative state-level veterinary workforce programs. The program would assist States in supporting, augmenting, developing and implementing programs to address the unique veterinary workforce needs of each state.
Status: H.R. 3519 was introduced on 7/31/09 and referred to the Committee on Agriculture.
AVMA Position: Active Pursuit
Primary Contact: Ms. Gina Luke
Pet Health Insurance as an Eligible Benefit for Treatment Under Section 125 of the IRS Code (cafeteria plan): The pet health insurance industry has seen steady growth since 1997. In 2007, sales were approximately $210 million in annual premiums, a compound annual growth rate of approximately 20%, reflecting total growth of 107%. The market for pet insurance is forecast to reach $1.2 billion by 2012. The rise in pet insurance's popularity coincides with increased spending for veterinary care, as pet owners seek the best care possible for their pets. Pet insurance is increasingly being offered as a voluntary benefit through either direct pay or payroll deduction due to employee request. Pet health insurance as a voluntary benefit under Section 125 of the IRS Code (cafeteria plan) would be extremely attractive for employers who are constantly looking for added employment benefits that do not increase their cost and provide value to the employee. Being able to budget and receive automatic payroll deductions with pre-tax dollars is both attractive and highly sought after by the 68.7 million households of American families who are pet owning consumers.
AVMA Position: Active Pursuit
Primary Contact: Ms. Gina Luke
Small Business Health Plan Legislation: The escalating cost of health care is straining the ability of small businesses, including veterinary hospitals, to continue offering this benefit to employees while remaining profitable. Small business health plan legislation would allow nationwide business associations to offer more affordable health insurance plans to their member businesses.
AVMA Position: Active Pursuit
Primary Contact: Ms. Gina Luke
Alternative Minimum Tax: The Alternative Minimum Tax (AMT) is imposed under 26 U.S.C. § 55 and disallows many deductions and exemptions allowable in computing regular tax liability. The AMT sets a minimum tax rate of either 26% or 28% on some taxpayers who have what are known as "tax preference items" (long-term capital gains, accelerated depreciation, certain medical expenses, percentage depletion, certain tax-exempt income, certain credits, personal exemptions and the standard deduction). AMT was originally designed to limit the amount of tax sheltering that high-income taxpayers could pursue and to assure that filers paid taxes. AMT is not indexed to inflation resulting in an increasing number middle-class taxpayers being impacted. According to the Congressional Budget Office (CBO), in 2010, if nothing is changed, one in five taxpayers will have AMT liability and nearly every married taxpayer with income between $100,000 and $500,000 will owe the alternative tax. The AVMA is supporting legislation that would reform the AMT to stop the dramatic increase in taxes paid by the middle-class, including veterinarians.
AVMA Position: Support
Primary Contact: Ms. Gina Luke
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= AVMA/SAVMA Members Only
