Race Horse Cost Recovery Act of 2023

Bill: 118-hr-2926
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2023-04-27
Policy area: Taxation
Latest action: action_date: 2023-04-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-04-27
action_desc: Introduced in House
text: <p><b>Race Horse Cost Recovery Act of 2023</b></p> <p>This bill amends the Internal Revenue Code to modify the accelerated depreciation allowance for race horses to allow a three-year recovery period for any race horse. (Current law limits the three-year recovery period to race horses placed in service before January 1, 2022, and race horses placed in service after December 31, 2021, that are more than two years old at the time they are placed in service.)</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2926 IN THE HOUSE OF REPRESENTATIVES April 27, 2023 Mr. Barr (for himself and Mr. McGarvey ) 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 2023 . 2. Three-year depreciation for race horses (a) In general Section 168(e)(3)(A)(i) 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, 2020.