Thoma Meis

The 1,116-page bill the House passed early Thursday morning could have a profound effect on the horse racing industry. Currently, horse owners can only write off 40 percent of the cost of a race horse once it enters service. Under the Trump bill, the write-off, known as bonus depreciation, will be 100% for five years. With the bill now headed to the Senate, there is some speculation that the 100 percent deduction will be made permanent. The Tax Cuts and Jobs Act of 2017 increased bonus depreciation to 100% until...