Equine Tax Fairness Act

U.S. Congressman Andy Barr, a Kentucky Republican who represents Lexington, has reintroduced the Equine Tax Fairness Act, which, if passed would make changes to the tax laws favorable to horse owners and breeders, it was announced by his office Wednesday. The bill calls for new regulations that would make the three-year depreciation schedule permanent for racehorses, no matter their age when put into service. Currently, Congress must reauthorize this provision in the tax law on an annual basis. The legislation would also reduce the holding period for equine assets to...