Thoroughbred Horsemen's Association
Posted: Feb. 9, 2018
A federal budget bill signed into law by President Trump Feb. 9 includes a provision that extends retroactively for fiscal year 2017 uniform three-year racehorse depreciation, the National Thoroughbred Racing Association and American Horse Council reported.
Horse industry lobbyists on Capitol Hill have regularly worked on extensions of the provision, which expired at the end of 2016.
The NTRA said that prior to the 2008 federal Farm Bill, which became effective Jan. 1, 2009, racehorses 24 months of age and younger when purchased and placed in service were depreciated on a seven-year schedule that did not accurately reflect the length of a typical racehorse’s career; only racehorses more than 24 months old were depreciated using a three-year schedule.
The AHC noted the provision in the budget bill funds the federal government through March 23 but allows for longer-term discussions on appropriations for fiscal 2018. “The industry will continue to advocate for the three-year depreciation provision for 2018 and beyond,” the AHC said.
The NTRA will continue to advocate for tax policies that accurately reflect our unique industry.