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Tax changes for horse owners: shorter holding period and faster depreciation.

This act introduces changes to tax rules for horses, potentially affecting horse owners, especially those with racehorses. It shortens the required holding period for certain tax benefits and accelerates depreciation for racehorses. The aim is to simplify tax accounting for horse owners.
Key points
Reduces the required holding period for horses to 12 months for more favorable tax treatment on sales gains.
Establishes a three-year depreciation period for racehorses, allowing faster write-offs of purchase costs.
These changes apply to tax years beginning after December 31, 2021.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_5833
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2021-11-03
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Equine Tax Fairness Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5833.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-03.

What are the main provisions?

Key points include:

  • Reduces the required holding period for horses to 12 months for more favorable tax treatment on sales gains.
  • Establishes a three-year depreciation period for racehorses, allowing faster write-offs of purchase costs.
  • These changes apply to tax years beginning after December 31, 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Agriculture