A key provision that extends three-year tax depreciation for all racehorses through 2020 was signed into law by the President Friday. The racehorse provision, which received bi-partisan support within both Houses of Congress, was passed by the Senate on Thursday by a vote of 71-23 and passed by the House of Representatives on Tuesday by a vote of 297-120.
“We are very pleased that Congress and the President worked together on a bi-partisan basis to reinstate tax extenders legislation including THREE-year depreciation for racehorses,” said NTRA President and Chief Executive Officer Alex Waldrop. “We especially applaud Senate Leader McConnell, Rep. Andy Barr and Rep. John Yarmuth for helping to make this happen for Kentucky's signature industry and the many other jurisdictions throughout the United States that contribute to this $36.6 billion sport and agribusiness. We also thank the sales companies and thousands of individuals who support our legislative efforts in Washington.”
Uniform three-year racehorse depreciation was among numerous tax provisions across many industries that either expired at the beginning of 2018 or this year, or were set to expire as of Jan. 1, 2020. The bill reinstates the 3-year schedule for all racehorses retroactive to 2018 and through 2020.
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