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.
Introduced
Citizen Poll