Race Horse Cost Recovery Act of 2013

Bill: 113-hr-2212
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2013-05-24
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Mammals

Professional sports
Latest action: action_date: 2013-05-24
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-05-24
action_desc: Introduced in House
text: <p>Race Horse Cost Recovery Act of 2013 - Amends the Internal Revenue Code to modify the accelerated depreciation allowance for race horses to allow a 3-year recovery period for any race horse (currently, a race horse must be placed in service before January 1, 2014, and be more than 2 years old if placed in service after December 31, 2013).</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2212 IN THE HOUSE OF REPRESENTATIVES May 24, 2013 Mr. Barr introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow a 3-year recovery period for all race horses.

1. Short title This Act may be cited as the Race Horse Cost Recovery Act of 2013 . 2. Three-year depreciation for race horses (a) In general Clause (i) of section 168(e)(3)(A) of the Internal Revenue Code of 1986 is amended to read as follows: (i) any race horse, . (b) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2013.