In an update from the American Horse Council, a look at the end of the year shows a number of wins.(Washington, DC)- The 114th Congress, though it started with the partisan gridlock that has become the new normal in Washington, ended the year with a burst of productivity by passing several major pieces of legislation including a tax extender bill, an omnibus appropriations bill, and a five year highway bill. Each of these bills includes provisions favorable to the overall horse industry that have been priorities for the American Horse Council.In addition, other bills championed by the AHC have seen Congressional action and could be passed with enough industry support in the second session of this Congress which adjourns in December.
“The AHC works on a diverse set of issues that impact the horse industry, often over the course of several years. For this reason it’s not every day that we see several AHC priorities pass Congress in the span of a month,” said AHC president Jay Hickey. “These three bills included tax provisions, guest worker reforms, and trail programs that will benefit the racing, showing, and recreational segments of the industry.”
The Tax Extender bill, called the Protecting Americans from Tax Hikes Act of 2015, reinstates three-year-depreciation for all race horses for two more years. It also increases the Section 179 business expense deduction back to $500,000 and makes this provision permanent. The bill restores bonus depreciation for qualifying new property, including assets used in the horse business, such as horses and other equipment, purchased and placed in service during 2015 through 2019. The bill also restores and makes permanent favorable tax treatment for land donated for conservation purposes, particularly land donated by farmers and ranchers, like horse owners and breeders.
Click Here To Read The Full Article