Equine

No industry is more synonymous with our Commonwealth than thoroughbred breeding and horseracing, which has long been a source of jobs and opportunities for the people of Kentucky. I am honored to represent the Horse Capital of the World and I will always fight to protect the future of this great industry.

For close to a decade, I authored, introduced, and championed the Horseracing Integrity and Safety Act.  Congress passed and President Trump signed this bill into law in December of 2020.  This law creates a uniform standard of competition in the sport of thoroughbred horseracing and a drug safety program to ensure the health of equine athletes.  I’m grateful to have had industry stakeholders, equine advocates, and colleagues in Congress come together in this almost decade long effort to improve our signature sport.

In the 118th Congress, I’m leading two bipartisan bills with my fellow Kentuckian, Congressman Morgan McGarvey (D-KY) that will strengthen the equine industry:

The Race Horse Cost Recovery Act of 2023 makes the three-year depreciation schedule permanent for racehorses, regardless of their age when put into service.  Currently, Congress must reauthorize this provision in the tax law on an annual basis.

The Racehorse Tax Parity Act reduces the holding period for equine assets to be considered long term capital gains, putting them on a level playing field with other similar assets.

As part of my ongoing efforts to support our nation’s veterans, I’ll continue to be a strong advocate for equine assisted therapy (EAT) at the federal level. In the landmark S.785, the Commander John Scott Hannon Veterans Mental Health Care Improvement Act, I successfully inserted a provision expanding access to EAT as an innovative therapy for veterans living with post-traumatic stress related to their service.