Barr supports Kentucky’s equine industry with new tax incentive bill
By Ripon Advance News Service | November 5, 2021
U.S. Rep. Andy Barr (R-KY) sponsored a new bill to support his home state’s economy by incentivizing investment in the equine industry.
The congressman’s Equine Tax Fairness Act, H.R. 5833, would make the three-year depreciation schedule permanent for racehorses. Currently, that provision in the tax law has been enacted by Congress on a temporary, year-to-year basis.
“Permanently delivering tax incentives for owners and breeders will strengthen investment in our signature equine industry,” Rep. Barr said on Wednesday.
H.R. 5833 also would reduce the holding period for equine assets to be considered long-term capital gains, putting them on a level playing field with other similar assets, the congressman’s office said.
Alex Waldrop, president and CEO of the National Thoroughbred Racing Association (NTRA), said, “Both provisions offer a level of tax fairness and flexibility that racehorse owners seek when determining their level of investment. This bill simply is good for business.”
Rep. Barr’s bill is also endorsed by American Horse Council President Julie Broadway, who said the legislation would help ensure growth and investment in the $122 billion equine industry.
“I want to continue the momentum started with the enactment of the Horseracing Integrity and Safety Act to push another key industry initiative across the finish line that will help solidify the sport for decades to come,” said the congressman, who serves as co-chair of the Congressional Horse Caucus.
The Horseracing Integrity and Safety Act, landmark legislation Rep. Barr championed in the U.S. House to reform the horse racing industry, was signed into law in December 2020.