WASHINGTON, D.C. (Sept. 10, 2015) -- The NTRA reminds yearling buyers of its progress toward a renewal of certain investment incentives that either expired or were reduced for 2015. The U.S. Senate Finance Committee completed its work in July on a tax extenders bill that contains tax provisions to help families, individuals and small businesses, including specific incentives supported by the NTRA that encourage investment in the horse industry.
Led by three-year tax depreciation for all racehorses, the bill also reinstates 50 percent bonus depreciation and the $500,000 Sec. 179 expense allowance for all small businesses, including those in the horse racing industry. If passed, the two-year tax extenders bill would be retroactive to January 1, 2015, and continue through 2016.
“A multi-year extension of these incentives will create horse industry jobs and support horse owners who need time and certainty to thoughtfully plan their investment strategies,” said NTRA President and CEO Alex Waldrop in July. “Three-year depreciation for all racehorses has been a primary focus of the NTRA’s federal legislative agenda since we first secured this more equitable depreciation schedule in the 2008 Farm Bill.”
The NTRA will continue to advocate for inclusion of the three-year depreciation provision in the tax extenders bill as that bill works its way through the federal legislative process.