A provision I championed in Congress that is critical to Kentucky’s signature equine industry has been signed into law as part of H.R. 5771, the Tax Increase Prevention Act of 2014.
Based off legislation I introduced last year known as H.R. 2212, the Race Horse Cost Recovery Act, Section 121 of H.R. 5771 extends through the end of 2014 the three-year depreciation schedule for all racehorses that expired at the end of 2013.
I appreciate House Ways and Means Chairman Dave Camp’s support and was glad to work with the Ways and Means Committee to include my provision to ensure the continued vitality of Kentucky’s signature horse racing industry. This provision also reaches beyond the Bluegrass to protect the 1.4 million direct and indirect jobs that support America’s horse industry, as well as a large number of other agriculture industries that rely on a vibrant horse industry for their own survival. While a permanent fix is still preferred, this provision provides certainty to owners that placed yearlings into service in the 2014 calendar year.
I will continue to advocate for a tax code that promotes economic growth and supports our signature equine industry and all Kentuckians.