The American Horse Council reported more than 60 tax provisions expired; some applied to all businesses, including the horse industry, and one was specifically applicable to owners of racehorses.
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 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.
Most Popular Stories
- Dude! Imperative Shocks Charles Town Classic
- Cairo Prince Injured, Out of Kentucky Derby
- Dynamic Impact Nabs 'Hawk in Illinois Derby
- Featured Horse Profile: Frac Daddy
- Kentucky Derby Stars Come Out at Keeneland
- Kid Cruz Wins Tesio, Enters Preakness Picture
- Reddam's Bond Holder Succumbs to Laminitis
- 'Bea' Changes Tactics, Captures Sugar Maple
- California Chrome Cruises at Los Alamitos
- Mr Speaker Takes Down Coolmore Lexington