S. 1528Senate109th Congress (2005-2007)In Committee

Equine Equity Act of 2005

Introduced July 28, 2005

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9293-9294)

July 28, 2005

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SenateIntro Referral

Introduced in Senate

July 28, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S9293)

July 28, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9293-9294)

July 28, 2005

Floor Debate

14 members

What members said about S. 1528 on the floor

8 Republicans6 Democrats
Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jul 28, 2005

Mr. President, I am introducing the Teacher Acculturation Act of 2005 as a means to address an issue that impedes effective learning in our Nation's classrooms, and that is cultural incongruence.…

Arlen Specter
Sen. Arlen SpecterR-PA · Jul 28, 2005

Mr. President, I have sought recognition today to introduce the Roads to Success Act of 2005, which is legislation designed to expand higher educational and career opportunities for American…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jul 28, 2005

Mr. President, I am pleased to introduce the ``Medical Malpractice Insurance Antitrust Act of 2005.'' In the ongoing debate about health care costs, this legislation is a targeted and responsible…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Jul 28, 2005

Mr. President, these people all have something in common: the former Queen Mother of Britain; diet guru Dr. Robert Atkins; former Tonight Show co-host Ed McMahon; former first lady Nancy Reagan; and…

Mitch McConnell
Sen. Mitch McConnellR-KY · Jul 28, 2005

Mr. President, I rise today to introduce the Equine Equity Act of 2005 with my colleague from Arkansas, Mrs. Lincoln, and my colleague from Kentucky, Mr. Bunning. Each spring on the first Saturday of…

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Mitch McConnell
Sen. Mitch McConnellR-KY · Jul 28, 2005

Mr. President, I rise today to introduce the Equine Equity Act of 2005 with my colleague from Arkansas, Mrs. Lincoln, and my colleague from Kentucky, Mr. Bunning. Each spring on the first Saturday of…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jul 28, 2005

Mr. President, today, I rise, along with my cosponsor, Senator DeWine, to reintroduce legislation called I TEACH, Incentives to Educate America's Children Act of 2005. This legislation is an…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Jul 28, 2005

Mr. President, today, Senator Reed and I are introducing the ``Vaccine Administration and Supply Act.'' Congressman Waxman is introducing a companion bill in the House. Our goal is to improve vaccine…

Lisa Murkowski
Sen. Lisa MurkowskiR-AK · Jul 28, 2005

Mr. President, today I introduce a bill that is very important to a small community in my home State of Alaska. This bill will authorize the U.S. Forest Service to convey approximately 12 acres of…

Pete V. Domenici
Sen. Pete V. DomeniciR-NM · Jul 28, 2005

Mr. President, in the American West, we are frequently faced with the challenge of how best to allocate our scarce water resources among numerous competing interests. There is no better example of…

Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Jul 28, 2005

Mr. President, I am pleased to join Senator Enzi in introducing the Keeping Seniors Safe from Falls Act of 2005. Falls are a serious public health problem that affects millions of seniors each year.…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jul 28, 2005

Mr. President, I rise today to introduce legislation on behalf of the Nation's millions of small businesses and self-employed individuals. I am pleased to join with my colleague in the House,…

Saxby Chambliss
Sen. Saxby ChamblissR-GA · Jul 28, 2005

Mr. President, today I introduce the Hunting Heritage Protection Act of 2005. With the introduction of this important legislation, we are able to acknowledge our Nation's rich heritage of hunting.…

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Jon Kyl
Sen. Jon KylR-AZ · Jul 28, 2005

Mr. President, today: I am pleased to join with Senator McCain to introduce the City of Yuma Improvement Act of 2005. This bill authorizes the conveyance to the city of Yuma of six small parcels of…

Jon Kyl
Sen. Jon KylR-AZ · Jul 28, 2005

Mr. President, today: I am pleased to join with Senator McCain to introduce the City of Yuma Improvement Act of 2005. This bill authorizes the conveyance to the city of Yuma of six small parcels of…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jul 28, 2005

Mr. President, I am introducing legislation today that would ban additional oil and gas drilling in the Los Padres National Forest. My colleague from California, Senator Feinstein, joins me in this…

Bill Text

Latest available legislative text

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Introduced in SenateIssued July 28, 2005

II

109th CONGRESS

1st Session

S. 1528

IN THE SENATE OF THE UNITED STATES

July 28, 2005

Mr. McConnell (for himself, Mrs. Lincoln, and Mr. Bunning) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide for the tax treatment of horses, and for other purposes.

1.

Short title

This Act may be cited as the Equine Equity Act of 2005.

2.

3-Year depreciation for all race horses

(a)

In general

Clause (i) of section 168(e)(3)(A) of the Internal Revenue Code of 1986 (defining 3-year property) is amended to read as follows:

(i)

any race horse,

.

(b)

Effective date

The amendment made by this section shall apply to property placed in service on or after the date of the enactment of this Act.

3.

Reduction of holding period to 12 months for purposes of determining whether horses are Section 1231 assets

(a)

In general

Subparagraph (A) of section 1231(b)(3) of the Internal Revenue Code of 1986 (relating to definition of property used in the trade or business) is amended by striking and horses.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2005.

4.

Livestock assistance

(a)

In general

In carrying out a livestock assistance, compensation, or feed program, the Secretary of Agriculture shall include horses within the definition of livestock covered by the program.

(b)

Conforming amendments

(1)

Section 602(2) of the Agricultural Act of 1949 (7 U.S.C. 1471(2)) is amended—

(A)

by inserting horses, after bison,; and

(B)

by striking equine animals used for food or in the production of food,.

(2)

Section 806 of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2001 (Public Law 106–387; 114 Stat. 1549A–51) is amended by inserting (including losses to elk, reindeer, bison, and horses) after livestock losses.

(3)

Section 10104(a) of the Farm Security and Rural Investment Act of 2002 (7 U.S.C. 1472(a)) is amended by striking and bison and inserting bison, and horses.

(4)

Section 203(d)(2) of the Agricultural Assistance Act of 2003 (Public Law 108–7; 117 Stat. 541) is amended by striking and bison and inserting bison, and horses.

(c)

Applicability

(1)

In general

This section and the amendments made by this section apply to losses resulting from a disaster that occurs on or after the date of enactment of this Act.

(2)

Prior losses

This section and the amendments made by this section do not apply to losses resulting from a disaster that occurred before the date of enactment of this Act.