The proposal is currently part of a much larger bill with The Farm Bill that was approved by the U.S. Senate last week.
This tax incentive for the Equine Equity Act would allow horse owners to depreciate their racehorses over a 3 year period, and also it would help them by reducing their capital gains from a 2 year period down to just 1 year.
As The Farm Bill has currently been proposed, President Bush has promised to veto either the House approved or Senate approved versions of the bill.
This tax incentive would certainly spur the ongoing vigorous effort that is being sought
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