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Favorable Horse Provisions in Tax Extender Bill Passed by Congress

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The following update is from an The American Horse Council 

AHC

Congress has passed a tax extender bill called the Protecting Americans from Tax Hikes Act of 2015 that includes several provisions important to the horse industry and supported by the American Horse Council.

At the end of 2014, a number of favorable tax provisions for horse owners, breeders and businesses expired.  In all, over sixty tax provisions expired; some applied to all businesses, including the horse industry, and one was specifically applicable to owners of race horses.  All of the provisions extended are retroactive for all of 2015.

Importantly, the bill would reinstate 3-year-depreciation for all race horses for two more years. From 2009 through 2014, race horses could be depreciated over three years, regardless of when they were placed in service.   This change, which eliminated the 7-year depreciation period for race horses and made all race horses eligible for three-year depreciation, expired at the end of 2014.   The just passed extender bill would reinstate 3-year-depreciation for race horses placed in service after December 31, 2014 through 2016.

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