Bill Details
HR.1113 - 119th Congress
Status
Latest action
2025-02-07 - Referred to the House Committee on Ways and Means.
Introduced Date
2025-02-07
Policy Area
Taxation
Committees
View committees (1)
Sponsors
Cosponsors
View cosponsors (1)
8
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would change the tax rules for race horses so they can be written off over three years instead of a longer period. In simple terms, it would let owners recover the cost of race horses faster for tax purposes, which could lower their taxable income sooner. The change would apply to race horses placed in service after December 31, 2022.
- It updates the federal tax code to treat all race horses as having a 3-year recovery period.
- The bill’s tax change would apply to horses put into service after December 31, 2022.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1113 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 1113
To amend the Internal Revenue Code of 1986 to allow a 3-year recovery
period for all race horses.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 7, 2025
Mr. Barr (for himself and Mr. McGarvey) introduced the following bill;
which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow a 3-year recovery
period for all race horses.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Race Horse Cost Recovery Act of
2025''.
SEC. 2. THREE-YEAR DEPRECIATION FOR RACE HORSES.
(a) In General.--Section 168(e)(3)(A)(i) of the Internal Revenue
Code of 1986 is amended to read as follows:
``(i) any race horse,''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2022.
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