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  • Bustin Stones sire of Bustinattheseams 1st Mdn (May 23, 2nd BEL). Owner, Bourque Goldstein Thoroughbreds LLC; Breeder, Eaton & Thorne, Inc....
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • Mancini sire of Ride Around Sally 1st Alw (May 23, 6th IND). Owner, Joe Uliano; Breeder, Spade Stable...
  • Yankee Gentleman sire of Little Dale 1st Alw (May 23, 7th BEL). Owner, Vaccarezza, Priscilla, Amante, Anthony and Garrity, Christine; Breeder, Philip Birsh...
  • City Weekend sire of City Sweets 1st Mdn (May 23, 3rd IND). Owner, Mast Thoroughbreds LLC; Breeder, Robert Gorham & Mast Thoroughbreds LLC...
  • Proud Citizen sire of Citizen Kat 1st Alw (May 23, 7th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Mark Reid & Charles Zacney...
  • Hard Spun sire of Ribbon Taffy 1st Mdn (May 23, 5th IND). Owner, Pucek, John Paul and Marcinek, Paige; Breeder, Matthew R. Herbener...
  • Jazil sire of Love Me Good 1st Mdn (May 23, 2nd PID). Owner, Sheltowee Farm and Blazing Meadow Farm; Breeder, Sheltowee Farm...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • Strut the Stage sire of Head Honcho 1st Alw (May 23, 7th WO). Owner, Annecchini and D'Alimonte Holdings Inc. and Kingfield Farm; Breeder, William D. Graham...
  • Philanthropist sire of Rob the Cradle 1st Alw (May 23, 2nd WO). Owner, Andrews, Denny and Paradox Farms Inc.; Breeder, Gardiner Farms Limited...
  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Indian Charlie sire of Nechez Dawn 1st Alw (May 23, 7th AP). Owner, Tresner, Coby and Matsas, Alex; Breeder, B. P. Walden Jr., Hargus Sexton & SandraSexton...
  • Include sire of Window Boy 1st Grover (Buddy) Delp Memorial S. (May 23, 8th DEL). Owner, Luis Arenas; Breeder, Shelby Lane Farm Inc. & IncludeSyndicate...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...

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Kentucky Senator proposes a tax relief bill for horse owners

Posted: Tuesday, May 01, 2007 5:10 PM

United States Senator Mitch McConnell has introduced the Equine Equity Act of 2007, devised to promote horse industry investment by reducing the capital gains holding period for horses and by allowing the equal depreciation of all racehorses.

The bill strives to remove the provisions of federal law that do not treat racehorses like all other forms of investment. 

If passed into law, the bill would reduce the capital gains holding period—the period of time between purchasing and selling an investment—from a mandatory two years to one year. Horse owners cannot currently receive capital gains treatment on horses they own for less than two years.

Also proposed in the McConnell legislation is an equal depreciation of racehorses, calling for three years regardless of when they start training.

Currently, racehorses that start training as two-year-olds or later are depreciated over three years, while racehorses that begin training before their second birthday are depreciated over seven years, a number the bill does not think accurately reflects the racing career of most horses.

Spurred on by the vital economic role the horse industry plays in his native state of Kentucky, McConnell, the current Republican leader in Congress, seeks to relieve some of the tax burden incurred by investment in the lucrative industry.

"While I know that Kentucky's horse industry is most closely associated with the [Kentucky] Derby [G1], it is important to remember that horses remain Kentucky's largest agricultural product," said McConnell. "The horse industry contributes $3.5-billion to the Commonwealth's economy and employs 50,000 Kentuckians year round."

Fellow Senators Jim Bunning (R-Kentucky), and Blanche Lincoln, a (R-Arkansas), co-sponsored the bill.

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