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AHC Update: Equine Tax Bills Introduced


AHCThe following is an announcement from the American Horse Council.

On March 30, 2017 Congressman Andy Barr (R-KY) re-introduced the Race Horse Cost Recovery Act (H.R. 1804) and theEquine Tax Parity Act (H.R. 1805) . The Race Horse Cost Recovery Act would permanently place all race horses in the three-year category for tax depreciation purposes.  A 2008 provision that temporarily put race horses in the three year category expired at the end of 2016.  The Equine Tax Parity Act would make horses eligible for capital gains treatment after 12 months, rather than 24, similar to other business assets. The American Horse Council supports both of these bills.

Congressman Barr also introduced the Race Horse Expensing Certainty Act (H.R. 1806), the bill would provide extra clarity that racehorses are eligible for the Section 179 business expense deduction.  All horses purchased and placed in service by a business are currently eligible for the Section 179 deduction and the bill would not change this.

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