Companion to ‘Equity Act’ Introduced in U.S. House

Companion legislation to the Equine Equity Act, which grants financial concessions to the horse industry, has been introduced in the United States House of Representatives.

U.S. Rep. Ron Lewis of Kentucky introduced the bill Oct. 27. Sen

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Companion legislation to the Equine Equity Act, which grants financial concessions to the horse industry, has been introduced in the United States House of Representatives.


U.S. Rep. Ron Lewis of Kentucky introduced the bill Oct. 27. Sen. Mitch McConnell and Sen. Jim Bunning, both of Kentucky, sponsored the original legislation in the Senate.


The Equine Equity Act would reduce the capital gains period for horses from 24 months to 12 months, equal to most capital assets. Horses must be held for two years to receive capital gains treatment.


The bill also applies equal depreciation standards for all racehorses, reducing existing parameters to a universal three-year depreciation period. It also incorporates a provision included in the Agriculture Appropriations Conference Report qualifying horses for United States Department of Agriculture disaster assistance programs already available for most other livestock

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