Equine Equity Act

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Equine Equity Act Now Law

Equine Equity Act Now Law

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.

U.S. Senate Approves Farm Bill

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.

Equine Equity Act Makes Progress

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.

Horse Investment Bill Initiated in U.S. Senate

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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.

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