Members of the U.S. Senate and the U.S. House of Representatives voted May 22 to override a presidential veto of the 2007 Farm Bill exercised by George W. Bush. As a result, the 2007 Farm Bill is now law and it includes the Equine Equity Act, a provision that amends the depreciation schedule for racehorses to a uniform three years.
The United States House of Representatives and Senate have passed the Farm Bill, and it appears there will be enough votes to override an expected veto by President Bush.
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.
An amendment that removes money for United States Department of Agriculture inspections of horse slaughterhouses and horsemeat is included in the 2006 agriculture appropriations bill that was signed into law by President Bush on Nov. 10.
Companion legislation to the Equine Equity Act, which grants financial concessions to the horse industry, has been introduced in the United States House of Representatives.
A bill designed to promote investment in the horse industry by removing provisions of federal law that favor other investments was introduced by U.S. Senator Mitch McConnell July 28.
The National Thoroughbred Racing Association's ongoing efforts in Washington, D.C. have become the major carrot as the organization seeks to sign up horsemen's associations for five-year memberships effective in 2006.
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