A tax provision that has been on the books for 44 years could finally be eliminated if Congressman Andy Barr of Kentucky has his way, as he introduced Equine Tax Parity Act (HR-998) which would cut the holding period for capital gains associated with horses from 24 months to 12 months.
Capital gains for the majority of other property, commodities, assets, stocks and bonds is normally reduced after holding them for a 12-month period. Horse owners have always had to hold them for 24 months before getting a more favorable tax rate.
“The legislation I have introduced would finally eliminate a 44-year-old tax provision that discourages investment in the equine industry, bringing much needed relief to an economic sector that supports 1.4 million full-time jobs,” said Barr, a Republican. “This bill will bring parity to the tax code for the Commonwealth’s signature industry, ultimately helping put Kentuckians back to work.”
It is far past time for a bill like this to be passed to deal with the unfair treatment of horses under the tax code.
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