arrow_back Back to App

Tax Changes: Faster Depreciation for Race Horses.

This bill changes tax rules for racehorses. It allows owners to deduct the cost of racehorses faster, which could impact their finances. These changes apply to horses put into service after December 31, 2022.
Key points
Racehorse owners can now deduct the cost of their horses over 3 years, instead of a longer period.
This change may reduce the income tax burden for individuals owning racehorses.
The new rules apply to horses purchased or put into service from January 1, 2023, onwards.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1113
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2025-02-07
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Race Horse Cost Recovery Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_1113.

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:

  • Racehorse owners can now deduct the cost of their horses over 3 years, instead of a longer period.
  • This change may reduce the income tax burden for individuals owning racehorses.
  • The new rules apply to horses purchased or put into service from January 1, 2023, onwards.
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.

CATEGORIES

Taxes Agriculture