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.
- By Blood-Horse Staff
- Racing, Northeast Region, Midwest Region, Southeast Region, Southwest Region, West Region, Kentucky, Mid-Atlantic
A provision that retroactively extends three-year tax depreciation for all racehorses was passed by the United States Senate late Dec. 16.
Congressman Andy Barr (R-Kentucky) has introduced a measure that would make permanent the three-year depreciation schedule for all race horses that is scheduled to expire with the 2008 Farm Bill at the end of the year.
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.
House and Senate conferees for the 2007 farm bill announced May 8 they had approved a final version of the bill, which includes legislative language to amend the depreciation schedule for race horses. The final version of the farm bill is expected to pass both houses and be sent to the president for approval.
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 "Combating Illegal Gambling Reform and Modernization Act" failed to come up for discussion by the House Judiciary Committee June 6 because the committee failed to meet. The measure, sponsored by Virginia Rep. Bob Goodlatte of Virginia, could be on the table for "mark up" again the week of June 10.
The congressional caucus for the horse racing industry was scheduled to hold its first meeting of the year March 6 in Washington, D.C. Among the issues on the table is the 2001 Farm Bill, which was in conference committee as of March 4.
Democrats forced a new farm bill through a Senate committee Thursday after giving Southern senators more money for big farms and adding a dairy program that could raise retail milk prices. Provisions for loans that would aid farmers impacted by mare reproductive loss syndrome are included in the bill that cleared the Senate Agriculture Committee.
Financial and legislative endeavors tied to mare reproductive loss syndrome (MRLS) continue in Kentucky, while in Washington D.C. the farm aid bill, which includes some assistance for people impacted by foal loss and also designates the horse as livestock, passed the House Oct. 4.
Language that calls for low-interest loans for owners and breeders impacted by mare reproductive loss syndrome is included in a farm bill now under consideration by the House Agriculture Committee. The bill may be ready the week of July 30.
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