II
110th CONGRESS
1st Session
S. 1251
IN THE SENATE OF THE UNITED STATES
April 30, 2007
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.
Short title
This Act may be cited as
the Equine Equity Act of
2007
.
3-year depreciation for all race horses
In general
Clause (i) of section 168(e)(3)(A) of the Internal Revenue Code of 1986 (relating to 3-year property) is amended to read as follows:
any race horse,
.
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.
Reduction of holding period to 12 months for purposes of determining whether horses are section 1231 assets
In general
Subparagraph (A) of section 1231(b)(3) of the Internal
Revenue Code of 1986 (relating to definition of livestock) is amended by
striking and horses
.
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2007.