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Skip Navigation LinksAll Horse Topics > Business/ Financial/ Legal > Taxes


Articles ( * = TheHorse.com members only )Date Posted
Racehorse Breeding Tax Shelter Operators Plead Guilty
Federal authorities say three men have pleaded guilty to conspiracy charges in a scheme that allowed wealthy people to get tax benefits from investments in Thoroughbred horse breeding. The U.S. attorney's office for Oregon said Monday the scheme cost the federal government $200 million in tax revenue. Acting U.S. Attorney Kent Robinson says the ... Read full story
 10/27/2009
Horses Top Kentucky Agriculture Receipts in 2008  *
Cash receipts from sales of horses and stud fees in Kentucky again made equines the top agriculture product in 2008, according to state agriculture commissioner Richie Farmer. Horse sales and stud fees totaled $1.08 billion, down 4% from 2007, as Kentucky farmers reported a record $4.84 billion in farm gate cash receipts in 2008. "Our producers ... Read full story
 8/30/2009
Stimulus Act Could Impact Horse Industry   *
The 2009 Stimulus Act signed into law by President Barack Obama contains provisions that impact the horse industry, the American Horse Council said in a Feb. 24 memorandum. The measure contains the bigger write-off for horses and other property purchased and placed in service during 2009, the AHC said. The benefits were part of 2008 tax stimulus ... Read full story
 2/27/2009
California Veterinary Tax Removed from Budget  *
After a three-month battle, the California state legislature last week approved the final 2009-2010 budget, sans a proposed veterinary tax. The California Veterinary Medical Association (CVMA) conducted a letter and call-in campaign to stop the nearly 10% tax that Governor Schwarzenegger proposed in November. "We believe that this tax would have ... Read full story
 2/24/2009
For the Record: Taxes and Recordkeeping  *
Tame that wild pile of unorganized paperwork throughout the year to optimize the horse and farm ownership experience. Editor's Note: This article provides general information only, and readers should consult with a competent accountant or attorney familiar with the horse business before undertaking any action based on the material herein. Everybody ... Read full story
 2/1/2009
Horse Council Offers Tax Tips  *
The American Horse Council (AHC) is offering extensive tax information that can influence your equine business tax returns. For 40 years, the American Horse Council has provided the horse industry with tax information through the "Tax Bulletin," the Tax Handbook, and other various publications. The Bulletin is a bi-monthly publication featuring timely ... Read full story
 1/27/2009
California Vet Service Tax Fails; Might Resurface   *
Last week, the California State Senate and Assembly rejected Gov. Arnold Schwarzenegger's proposal to balance the budget, which included the addition of a sales tax to veterinary services. Schwarzenegger declared a fiscal emergency for the state of California Dec. 1 and called for a legislative special session with the new legislature, which was ... Read full story
 12/3/2008
California Governor Proposes Tax on Veterinary Services  *
In an effort to raise funds for the state, California Gov. Arnold Schwarzenegger recently announced his proposal to expand sales tax to include veterinary services. If this proposal passes, the governor estimated $357 million in increased revenue could be generated over the next two years. The California Veterinary Medical Association (CVMA) opposes ... Read full story
 11/26/2008
Washington Hearings Tackle Horse Farm Tax Issues   *
Operators of horse boarding and training farms in Washington state are poised to pack Department of Revenue hearing chambers Nov. 13 to convince the agency that their businesses should be included in statutory definitions that entitle farm operators to property tax breaks under the state's Open Space Taxation Act of 1970. Currently, the act's definition ... Read full story
 11/10/2008
Hobby or Business? Defining your Equine Venture  *
According to the Internal Revenue Service, if your main objective is to make a profit, then you are considered a legitimate business. Many people involved within the horse industry often do not view their small horse operation as a business. They are surprised to learn that you do not have to own a large facility or have several years of experience ... Read full story
 8/31/2008
Australia's Equine Industry Won't Receive Influenza Bill  *
An Australian government official announced today that the horse industry would not be asked to pay for the expenses associated with last year's outbreak of equine influenza. According to the statement released by Minister for Agriculture, Fisheries, and Forestry Tony Burke, the federal government spent more than $342 million AUD ($323 million U.S.) ... Read full story
 6/11/2008
Excerpt from The Complete Equine Legal & Business Handbook: Records  *
The paperwork requirements for starting a business vary from almost none (a sole proprietorship) to extensive (a corporation). And once the business is up and running, the owner or owners must maintain a variety of records. Record keeping can be a lot of work even for a simple business, and it may be tempting to let the task slide in favor of more ... Read full story
 6/2/2008
Equine Law Conference: Review of Pending Horse Bills   *
American Horse Council president James J. Hickey Jr. briefed attorneys May 1 on legislative actions in Congress during the 23rd National Conference on Equine Law, but he also handicapped the immediate passage chances of a couple of them as remote. Hickey, whose group is a prominent lobbying arm for the horse industry in Washington, D.C., told an ... Read full story
 5/2/2008
Equine Law Conference: Estate Planning for Horsemen   *
An attorney specializing in estate planning says now is a good time for horsemen and others to establish tax-friendly programs that pass along assets to descendants--but warned that time was of the essence in organizing such efforts. Louisville attorney Turney P. Berry made the assessment to those assembled for the 23rd National Conference on Equine ... Read full story
 5/1/2008
Economic Stimulus Benefits Owners of Horse Businesses   *
The Economic Stimulus Act signed into law by President Bush on Feb. 13, 2008 includes two tax incentives that would allow a much bigger write-off for horses and other property purchased and placed in service during 2008, according to an advisory from the National Thoroughbred Racing Association. The incentives, according to the NTRA, are: Expense ... Read full story
 2/14/2008
New Tax Could Put Tennessee Horse Owners in Bind   *
As if the drought wasn't enough for the farmers of Tennessee. Beginning Jan. 1, all people buying feed (hay, grain, etc.), farm equipment, and other tax-exempt farm supplies in the Volunteer State had to present proof of exemption or pay almost 10% more for their purchases. However, some horse owners might be exempt. In the past Tennessee farmers ... Read full story
 1/12/2008
KEEP to Focus on Tax Relief for the Horse Industry   *
Tax relief for the horse industry, not racetrack gaming, will be the focus of the Kentucky Equine Education Project (KEEP) during the 2007 General Assembly session, according to the chairman of the organization. KEEP this year authored legislation for casino gambling at racetracks, and after compromise, non-racetrack locations were added. Though ... Read full story
 10/5/2006
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. Mitch McConnell and Sen. Jim Bunning, both of Kentucky, sponsored the original legislation in the Senate. The ... Read full story
 11/2/2005
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 other investments. The Equine Equity Act of 2005 will reduce the capital gains holding period for horses, allow horse owners ... Read full story
 7/29/2005
North Carolina Horse Industry Growing   *
The North Carolina Horse Council announced April 5 that the referendum vote on the Horse Industry Promotion Assessment held March 9 passed with a 95% favorable vote. The vote authorizes the continuation of the $2 per ton voluntary assessment on horse feed sold in North Carolina. "The feed assessment has provided essential funding to the North Carolina ... Read full story
 4/13/2005
Accounting Software for Owners   *
Computers can make our lives easier in many ways, and a growing number of horse owners are using computers for recordkeeping. Some horse owners just want to keep track of horse records (deworming, vaccination, breeding records, etc.), some want to keep track of the expenses and income of a horse business, some need the ability to invoice and bill customers, ... Read full story
 11/1/2004
Illinois Tax to Benefit Equine Research, Education  *
Illinois horse owners polled in a statewide referendum on Oct. 7 approved an innovative new program that establishes an elective tax on horse feed products that will benefit equine research and education in the state. Sponsored by the Horseman's Council of Illinois (HCI), the referendum that would set the five-cent optional tax passed by a small ... Read full story
 10/20/2003
Tax Bill Includes Provisions Beneficial to Horse Industry  *
(From the American Horse Council) On May 28, U.S. President George Bush signed the $350 billion Jobs and Growth Tax Relief Reconciliation Act of 2003 into law, the third federal tax reduction in as many years. The bill, which is intended to prompt investment, provide jobs, and get the economy jump-started, includes some attractive incentives for investing ... Read full story
 6/13/2003
Jobs and Growth Tax Relief Reconciliation Act of 2003  *
From the Kentucky Thoroughbred Association Before adjourning for the Memorial Day recess, the United States Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003. President George Bush will sign this legislation, which includes a number of provisions that will benefit the horse industry. The $350 billion tax cut bill will:Accelerate ... Read full story
 5/29/2003
Business or Pleasure?   *
If you think that you need help preparing federal income tax returns for your horse activity, then you should seek the assistance of a qualified accountant or tax attorney. If, on the other hand, you think that you can manage the task without professional guidance, you still probably need help. The Internal Revenue Code and its attendant Regulations ... Read full story
 2/1/2002
Definition Of Horses As Livestock  *
What is livestock? Livestock is most commonly considered animals kept or raised in a farm or ranch setting and used in a commercial enterprise. The raising of livestock is an agricultural endeavor that promotes the preservation of green space and a way of life that many in today's society desire. Are horses livestock? Yes, horses are livestock. ... Read full story
 10/5/2001
Deductive Reasoning  *
By the time you read this, tax time will be nearly over. The rush to get all those receipts collected and all the itemized deductions documented will be but a fond memory. My guess is that you, like many others and me, had some charitable donations in 1998. We gave to the church, and the heart fund, and the lung association, and the cancer fund, and ... Read full story
 10/2/2001
NC Approves Horse Feed Tax For Promotion  *
A North Carolina state referendum was passed with an 80% majority approving a tax of $2 on each ton of horse feed sold. According to the North Carolina Department of Agriculture, this will raise $200,000 annually for promotion of the horse industry in North Carolina. Approval of the self-imposed tax indicates a sincere interest in the growth and development ... Read full story
 11/5/1999
Senate Tax Bill Includes Shortening Of Holding Period For Horses   *
The American Horse Council reports that the tax bill passed by the Senate on Friday, July 30, includes a provision that would shorten the holding period for horses from two years to one to realize capital gains treatment upon sale. The shortening of the holding period for horses was pushed by Senators Mitch McConnell (R-KY) and Jim Bunning (R-KY). ... Read full story
 8/27/1999
Horse Provision Will Have To Wait For Likely Fall Tax Bill   *
Congress has passed a $792 billion tax bill that President Clinton has called too expensive and has already vowed to veto. The bill, which would reduce tax rates by one percent across-the-board and eliminate the estate tax, is not expected to be sent to the President until Congress returns from its August recess after Labor Day. There are several ... Read full story
 8/20/1999
Capital Gains Bill Introduced To Help Horse Owners   *
The American Horse Council reports that Congressmen Jerry Weller (R-IL), Joel Hefley (R-CO), Ron Lewis (R-KY) and Congresswoman Karen Thurman (D-FL) have introduced legislation to reduce from two years to one the period for which horses must be held to realize capital gains treatment upon sale. The bill number is H.R. 1174. Gains from the sale of ... Read full story
 4/9/1999
How Do You Own Your Business?  *
A question often put to attorneys is: "Should I incorporate my (fill in the blank) business?" The answer depends on several factors, and involves weighing the advantages and disadvantages of the various forms of ownership that can be chosen for a business venture. Whether you are just starting in the horse business, or are contemplating a change in ... Read full story
 4/1/1997
Using Equine Activity Losses To Achieve Overall Tax Savings  *
Most performance horse owners begin their horse ownership and performance horse activities for purposes other than pecuniary (monetary) gain. Nevertheless, many hope eventually to turn a profit as their horse progresses in skill or as their equine business develops. If you treat your equine activities as a business, you might be able to use any losses ... Read full story
 2/1/1997
Estate Planning  *
You've owned your horse, Midnight Star, for two years. One day you come across a newspaper column. It describes a tragic automobile accident in which several people died. You suddenly realize that if something like that happened to you, you would want someone to take care of your horse. You talk to a friend who agrees to take care of Midnight Star ... Read full story
 9/1/1996
Like-Kind Exchanges  *
How would you like to sell your valuable performance horse and not owe any income tax? Most horse owners would think this could only happen if the horse has decreased in value from the time it was purchased. A special type of transaction is available, however, which allows performance horse owners to earn a substantial return on their equine investment ... Read full story
 7/1/1996
Taxes and the Home Office  *
Angela Sanderson (not her real name) has been breeding and selling Paso Finos for five years. Her ranch and breeding operations are small--three mares on five acres. Although Sanderson considers herself a savvy business woman, the California breeder lost money two out of the last three years. In her effort to improve her bottom line, Sanderson is making ... Read full story
 1/1/1996




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