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Racehorse Tax Parity Act: Modification of Holding Period for Horses

The Racehorse Tax Parity Act amends the Internal Revenue Code of 1986. It reduces the holding period used to determine whether horses are section 1231 assets to 12 months. This amendment applies to taxable years beginning after December 31, 2024.
Key points
Reduces the holding period for horses to 12 months for the purpose of determining if they are section 1231 assets.
The amendment applies to taxable years beginning after December 31, 2024.
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Status: Introduced
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Additional Information
Print number: 119_HR_1112
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2025-02-07
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
AI work logs for this document launch

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 119_HR_1112.

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 2025-02-07.

What are the main provisions?

Key points include:

  • Reduces the holding period for horses to 12 months for the purpose of determining if they are section 1231 assets.
  • The amendment applies to taxable years beginning after December 31, 2024.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Agriculture