WASHINGTON, DC—MARCH 31, 2017—Kentucky U.S. Representative Andy Barr(R), chairman of the Congressional Horse Caucus, introduced three bills on Capitol Hill Thursday that could make simple tax code reforms designed to encourage greater investment and participation in the horse industry.

According to Barr reforms are needed to provide a level playing field between equine investments and other forms of investments.

The three bills are:

• HR 1804, the Race Horse Cost Recovery Act, would permanently reschedule race horses that are put into service before the age of two into the three-year depreciation asset class. This change is needed because the three-year depreciation schedule better reflects the useful life of race horses, as opposed to the seven-year schedule.

• HR 1805, the Equine Tax Parity Act, would reduce the holding period requirement from 24 months to 12 for equine investments, allowing equine investments to qualify for capital gains tax treatment on equal terms with similar types of assets.

• HR 1806, the Race Horse Expensing Certainty Act, would allow all investments in racehorses to be immediately expensed consistent with Section 179 of the Internal Revenue Code. This legislation is necessary to provide clarity and certainty within the tax code that all equine assets are available for Section 179 expensing.

"The reforms included in these three bills will encourage growth and investment in the equine industry, which will create jobs," Barr said.

NTRA president Alex Waldrop said, "The NTRA and its federal legislative team look forward to working with Congressman Barr to pass this and other federal legislative and regulatory measures as part of our overall agenda in the 115th Congress."