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
- Bal a Bali Vying for U.S. Score in American
- Pletcher Considers Preakness Stakes Options
- Princess Violet Tops Ruffian Stakes Entrants
- KHRC Vote on Salix Threshold Triggers Debate
- Unspurned Seeks Repeat Performance in Hendrie
- Beholder, Warren's Veneda Face Off in Vanity
- Wolf Man Rocket Ships in for Peter Pan Stakes
- NYRA to Cap Belmont Attendance at 90,000
- MarketWatch: Jamie Hill on Sires, Pinhooking
- Hardest Core in Man o' War vs. Imagining