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
- Business as Usual for J Boys Echo in Derby Breeze
- Pletcher Breezes Four Kentucky Derby Hopefuls
- Classic Empire a Pro in Four-Furlong Move
- Espinoza Wins First Race After HOF Announcement
- Girvin Battling Quarter Crack, KY Derby Not Ruled Out
- Sano Star Gunnevera Goes Easy Five Furlongs
- Blinkers Likely for Practical Joke in Kentucky Derby
- O'Neill Confident After Irap's Mile Work
- BloodHorse.com Launches BackTrack Channel
- Vexatious Stands Out in Oaks Move