Depreciation

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U.S. Senate Approves Farm Bill

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.

Equine Equity Act Makes Progress

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.

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