Race Horse Cost Recovery Act of 2025

Bill: 119-hr-1113
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2025-02-07
Policy area: Taxation
Latest action: action_date: 2025-02-07
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 119th CONGRESS 1st Session H. R. 1113 IN THE HOUSE OF REPRESENTATIVES February 7, 2025 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 2025 . 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, 2022.