The version of the Farm Bill that included the Equine Equity Act yesterday was passed by the U.S. Senate on a vote of 79 to 14. The EEA would reduce the capital gains holding period for horses from two years to one, and accelerate and make uniform the depreciation for racehorses over a three-year period. The House of Representatives had earlier passes a version of the Farm Bill, and the House and the Senate are expected to work out a final draft during the first quarter of 2008.
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