The United States Senate Finance Committee completed its work on a tax extender bill in a July 21 markup session and approved the resulting document by a 23-3 vote, the National Thoroughbred Racing Association reported.
Tax provisions that were favorable to the horse industry and expired in 2013 have been extended by the U.S. House of Representatives and are expected to become law by the end of the year.
Recent tax legislation reinstated an important business investment incentive and substantially increased another incentive program for Thoroughbred owners and breeders and farm owners.
President Obama signed the Small Business Jobs and Credit Act of 2010 into law Sept. 27, the American Horse Council (AHC) reported Sept. 28.
The United States Senate passed its version of the Farm Bill Dec. 14 by a vote of 79 to 14. Included in the legislation is the Equine Equity Act, which would reduce the capital gains holding period for horses from two years to one and accelerate and make uniform the depreciation for racehorses over a three-year period.
The Equine Equity Act, which reduces the capital gains holding period for horses and shortens the depreciation schedule for racehorses, is part of the 2007 Farm Bill and could be approved by the United States Senate in a few days.
The Equine Equity Act, which would reduce the capital gains holding period for horses and allow horse owners to depreciate all racehorses over the same period, has been introduced in the United States Senate.
The 2003 Tax Act, recently passed by Congress to stimulate the economy, has several very favorable provisions for the equine industry.
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