Barr Reintroduces Bills to Provide Tax Relief for Kentucky’s Horse Industry
Congressman Andy Barr (KY-6) reintroduced two bills to provide relief and prevent a looming tax increase on Kentucky’s signature horse industry. H.R. 3671, the Race Horse Cost Recovery Act, would make permanent the three-year depreciation schedule for all race horses which is subject to expire at the end of this year. H.R. 3672, the Equine Tax Parity Act, would eliminate a 45-year-old tax provision that discourages investment in the equine industry and discriminates against equine assets compared to other assets.
“Kentucky’s signature horseracing industry is not only synonymous with our heritage and traditions, it is a critical source of jobs, investment, and tourism,” said Congressman Barr. “As the Keeneland Fall Meet begins and we prepare to host the Breeders’ Cup World Championships in Lexington, we should not threaten the success of our horseracing industry with discriminatory and uncertain tax policy. My bills would provide the needed certainty and relief for these Kentucky job creators.”
In previous years, Congressman Barr has led the efforts to include the Race Horse Cost Recovery Act as part of a short-term tax relief package. Congressman Barr hopes a one year extension of the relief in H.R. 3671 will be included in a similar package this year to prevent immediate tax increases, and would prefer both legislative fixes be made permanent to provide long-term certainty.
Congressman Barr is the co-chairman of the Congressional Horse Caucus, and recently introduced H.R. 3084, the Thoroughbred Horseracing Integrity Act.