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
- Kentucky Derby Winner Monarchos Dies
- WinStar Farm Sets 2017 Stud Fees
- California Chrome Powerful Late in BC Drill
- China Horse Club Buys into California Chrome
- Lightstream Rallies to Win Raven Run
- Winx Easily Wins Second Straight Cox Plate
- Admirals War Chest Repeats MD Million Classic
- Royal Posse Sails Clear in Empire Classic
- Hoppertunity, Melatonin Breeze for Classic
- Nobiz Like Shobiz Settling in at Old Friends