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
- Seeking the Gold Dies at 31
- Little Mike Retired to Old Friends
- American Cleopatra Entered at Del Mar
- Borell Arraignment Set for Aug. 1
- Full Field Possible for West Virginia Derby
- Champion Tepin Will Bypass Fourstardave
- Connect Leads 1-2 Finish for Brown in Curlin
- Nyquist, Exaggerator Renew Rivalry in Haskell
- Exaggerator to Run in Haskell
- Sunday Silence Dominates Broodmare Sires