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Equine Equity Act of 2007 Introduced

From an American Horse Council release:

Bill Introduction

Senators Mitch McConnell (R-KY), Jim Bunning (R-KY) and Blanche Lincoln (D-AR) have re-introduced the Equine Equity Act (S. 1251). The bill has been referred to the Senate Finance Committee.

The bill would end the disparate treatment of the horse industry versus other businesses under the federal tax code. Specifically, the legislation would: (1) make horses eligible for capital gains treatment after twelve months, similar to other business assets; and (2) place all race horses in the three-year category for depreciation purposes.

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