Barr continues support of race horse industry

U.S. Rep. Andy Barr (R-KY) recently reintroduced two tax-related bills that would benefit the race horsing industry, which is a major money-making business in his home state of Kentucky. 

The Race Horse Cost Recovery Act would permanently extend the three-year depreciation schedule for all race horses. The opportunity to depreciate race horses would otherwise expire at the end of this year. The Equine Tax Parity Act would end a 45-year-old tax discouraging investment in the equine industry, as it unfairly taxes equine assets compared to other assets.

“Kentucky’s signature horse racing industry is not only synonymous with our heritage and traditions, it is a critical source of jobs, investment and tourism,” Barr said. “As the Keeneland Fall Meet begins and we prepare to host the Breeders’ Cup World Championships in Lexington, we should not threaten the success of our horse racing industry with discriminatory and uncertain tax policy.”

Barr has supported the race horse industry for many years. He is the co-chairman of the Congressional Horse Caucus and recently introduced legislation known as the Thoroughbred Horseracing Integrity Act.

“My bills would provide the needed certainty and relief for these Kentucky job creators,” he concluded.