WASHINGTON - On May 24, 2013, Congressman Andy Barr introduced H.R. 2212, the Race Horse Cost Recovery Act, which would make permanent for all race horses the three-year depreciation schedule which is subject to expire at the end of this year.

“Providing the certainty of a three-year depreciation schedule is critical to the health of Kentucky’s signature horse racing industry, as well as job growth in other horse-related industries,” said Barr.  ??“That’s why I am proud to introduce H.R. 2212, the Race Horse Cost Recovery Act, a bill to make permanent the three-year depreciation schedule, which will encourage more job creation and investment in Kentucky’s signature equine industry, and end the uncertainty of the current, temporary depreciation schedule for race horses. ??

“Kentucky’s horse industry contributes $4 billion annually to our economy and provides over 80,000 direct and indirect jobs to Americans.  We must protect this investment and these jobs for the sake of Kentucky’s hard-working families.”??

*For more background on H.R. 2212, please see Congressman Barr's letter to House Ways and Means Committee Chairman Dave Camp and House Agriculture Committee Chairman Frank Lucas requesting that they prioritize this tax provision in any upcoming legislation.