Equine Equity Act - Tax incentives sought for Racehorses
Posted by Jennifer Karlen on
Senator Mitch McConnell the representative from Kentucky, is
currently seeking approval for the Equine Equity Act. This proposal
would provide tax incentives for racehorses.
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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The results of the initial offering of reservations for tickets to
the 2010 FEI World Equestrian Games in Lexington Kentucky are now in -
approximately 67,000 tickets have been reserved giving approximately
$3.2 million on its initial round of ticket sales. Quite decent given
that the event is some 3 years away.
Kentucky Farm Bureau announced some new goals to be implemented for
2008, which included providing motivational means for new vets to enter
into the large animal (horses, cows, etc) areas of practice. Funds are
also being solicited and earmarked for a new training center that is
currently located in Hardinsburg Kentucky. And they are also lobbying
politicians to implement stronger legal recourses against persons that
trespass on other people’s farms with ATVs (and subsequently damage the
farms or livestock, etc.).
It was recently announced that the Breeders Cup Thoroughbred
Championship will be seeing some expansion with 3 more new races
bringing the total number of races to 14, with a total prize purse of
approximately $25.5 million for the 2008 season.
Agriculture economists at the University of Kentucky in Lexington,
announced their predictions at the most recent annual Farm Bureau
meeting that was held in Louisville Kentucky on Thursday. Their
prediction for 2008 is its going to be an excellent year for farms and
agriculture.
A public hearing will be on December 10, 2007 regarding a proposed
Quarter Horse track in Laurel County located southeast of Lexington
Kentucky along I-75.
The Kentucky Horse Park in Lexington Kentucky will be host for a
public hearing to be held by the Kentucky Horse Racing Authority on
December 27, 2007 at 10:00 am.
The smoking ban went into effect today at Churchill Downs in
Louisville KY. Part of a comprehensive “no smoking” effort inside all
public buildings, Churchill Downs had sought an exemption feeling that
it would hurt their customers enjoyment of their facilities.
Thoroughbred race horse champion and Horse of the Year Curlin may be
sold to settle a lawsuit that stems from the diet drug combination
Fen-Phen.
The Louisville Kentucky newspaper, The Courier-Journal spotlighted
an article today about the Boys Haven Equine Program that is a part of
the Boys Haven non-profit home located on Goldsmith Lane in Louisville
Kentucky.