Bill > HR1113

This bill proposes to modify the Internal Revenue Code to allow race horse owners to depreciate their race horses over a 3-year period for tax purposes, rather than the previous depreciation schedule. Specifically, the bill amends Section 168(e)(3)(A)(i) of the tax code to classify race horses as property that can be depreciated more quickly. The changes would apply retroactively to horses placed in service after December 31, 2022, which means horse owners can potentially claim accelerated tax deductions for their race horses. By shortening the depreciation period from what was likely a longer timeframe to just 3 years, the bill aims to provide tax relief and potentially improve the financial conditions for race horse owners and breeders by allowing them to recover the cost of their horses more rapidly through tax deductions.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1113/all-info