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This post is courtesy of the September AHC Tax Bulletin.
On December 18, 2015, Congress enacted the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”), which extended various expiring tax depreciation rules that are applicable to the horse racing industry.1 Importantly, the PATH Act extended two important depreciation provisions that allow taxpayers who place a race horses into service during 2016 to recover their costs for such race horses in a more expedient timeframe. First, the PATH Act maintained the rule allowing taxpayers to depreciate the costs of a racehorse over a three-year recovery period. Second, the PATH Act retroactively extended the 50% bonus depreciation available for taxpayers that place race horses into service through December 31, 2019.
This is excerpted from a post at Bloodhorse.com by Tom LaMarra.
Groundwork continues to be laid for an international conference on racehorse aftercare that has been scheduled for October 2017, according to Godolphin, which in late July held three days of meetings as part of the planning process.
The international forum is designed to “bring together the official and national operations based around the world that facilitate and promote the retraining of racehorses,” Godolphin said Aug. 1. The leading breeding and racing organization unveiled the effort at its recent “Lifetime Care for Thoroughbreds” meetings in England.
The International Forum for the Aftercare of Racehorses is expected to include representatives from Australia, France, Great Britain, Ireland, Japan, and the United States. Godolphin said IFAR will work with the International Federation of Horseracing Authorities and act as an assembly for discussion to facilitate growth of aftercare programs despite “geographical and industry differences.”
Multiple programs, including the Thoroughbred Aftercare Alliance in the United States, have sprung up in recent years around the world. The IFAR “will enable these experiences to be shared, for best practices to be adopted, and for advice to be given to all racing jurisdictions regarding caring for and the retraining of former racehorses,” Godolphin said.
Joelle Dunlap’s non-profit rescue, Square Peg, was recently featured in an NBC news story that highlights the new life of the rescued racehorses. The racehorses are paired with children with special needs, primarily autism.
Have you ever wondered what happens to a racehorse after its years on the track are over? For the thoroughbreds that hoof around Arlington Park in Arlington Heights, their future is bright thanks to Galloping Out, an Illinois Thoroughbred Horsemen’s Association (ITHA) program that sets up retired racehorses with new careers.
Working as a racing horse is similar to an elite athlete. Horses are often ready to quit by age 8, according to Chris Block, president of Galloping Out. However, injuries, slow speeds or temperament can force horses out of the game earlier.
“Our horses can be anywhere from 3 to 10 years old,” Block told the Journal & Topics. They can live as long as 20-25 years, so having a place to go after their racing days is important for these animals.
Read the rest of the article at the Journal Online.