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Tax Changes: Shorter Holding Period for Racehorse Tax Benefits.

This bill shortens the required holding period for racehorses to qualify for more favorable tax treatment. This means racehorse owners can benefit from tax advantages related to selling these animals sooner. These changes may influence investment decisions within the horse breeding industry.
Key points
Reduces the holding period for racehorses from over 24 months to 12 months to qualify for special tax benefits.
Racehorse owners can now sell their animals sooner and potentially benefit from lower capital gains tax rates.
The changes apply to tax years beginning after December 31, 2022.
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Expired
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Additional Information
Print number: 118_HR_2927
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-04-27
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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

Racehorse Tax Parity Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2927.

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 2023-04-27.

What are the main provisions?

Key points include:

  • Reduces the holding period for racehorses from over 24 months to 12 months to qualify for special tax benefits.
  • Racehorse owners can now sell their animals sooner and potentially benefit from lower capital gains tax rates.
  • The changes apply to tax years beginning after December 31, 2022.
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 2025-12-25.

CATEGORIES

Taxes Agriculture