Tax Depreciation for Racehorses Advances

This provision–originally passed by Congress and enacted into law in 2008–accelerates, simplifies, and makes uniform the depreciation period for racehorses.
Share
Favorite
Close

No account yet? Register

ADVERTISEMENT

The United States Senate Finance Committee reported April 3 legislation that would extend expired or expiring tax provisions for racehorses, including a provision to extend the three-year recovery period.

This provision—originally passed by Congress and enacted into law in 2008—accelerates, simplifies, and makes uniform the depreciation period for racehorses. The provision expired at the end of 2013 along with several other tax provisions. The proposed version of the provision that moved out of committee April 3 more accurately reflects current-day investments in racehorses and helps to spur continued investments in the racing industry.

"I applaud the committee for moving this bill and for including this important provision in the legislation," said Alex Waldrop, National Thoroughbred Racing Association (NTRA) president and CEO, in a statement. "I especially appreciate that the committee understands the continued importance of our industry and the contribution of the equine economy to job creation and added investment."

The three-year recovery provision was a top priority for the NTRA in 2008 and has been a top legislative priority again this year

Create a free account with TheHorse.com to view this content.

TheHorse.com is home to thousands of free articles about horse health care. In order to access some of our exclusive free content, you must be signed into TheHorse.com.

Start your free account today!

Already have an account?
and continue reading.

Share

Written by:

The Blood-Horse is the leading weekly publication devoted to international Thoroughbred racing and breeding. Since 1916, the staff of The Blood-Horse has served the Thoroughbred community with the highest standards of journalistic excellence to provide comprehensive and timely editorial coverage and analysis.

Related Articles

Stay on top of the most recent Horse Health news with

FREE weekly newsletters from TheHorse.com

Sponsored Content

Weekly Poll

sponsored by:

How much time do you usually spend grooming your horse?
437 votes · 437 answers

Readers’ Most Popular

Sign In

Don’t have an account? Register for a FREE account here.

Need to update your account?

You need to be logged in to fill out this form

Create a free account with TheHorse.com!