Kentucky Senator Introduces Legislation to Promote Horse Industry
Equine Equity Act will provide tax relief for horse owners
U.S. Senator Mitch McConnell introduced a bill Thursday (July 28) designed to promote investment in the horse industry by removing provisions of federal law that favor
- Topics: Article, Equine Welfare Legislation, Sales, Taxes
Equine Equity Act will provide tax relief for horse owners
U.S. Senator Mitch McConnell introduced a bill Thursday (July 28) designed to promote investment in the horse industry by removing provisions of federal law that favor other investments. The Equine Equity Act of 2005 will reduce the capital gains holding period for horses, allow horse owners to depreciate all racehorses over the same period, and make horses eligible for federal disaster assistance.
“The horse industry is vital to Kentucky’s economy and to the thousands of Kentuckians who participate in horse-related activities,” said McConnell. “Horses are Kentucky’s largest agricultural product. Our signature industry employs more than 50,000 Kentuckians and provides an annual economic impact of $3.5 billion to our Commonwealth
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