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H.R. 1804 - Race Horse Cost Recovery Act of 2017
Sponsor: Andy Barr (R)
Introduced: 2017-03-30
Bill Status: Referred to the House Committee on Ways and Means.
 

Race Horse Cost Recovery Act of 2017

This bill amends the Internal Revenue Code to modify the accelerated depreciation allowance for race horses to allow a three-year recovery period for any race horse. (Current law limits the three-year recovery period to race horses placed in service before January 1, 2017, and race horses placed in service after December 31, 2016, that are more than two years old when placed in service by the purchaser.)

Full Text


115th CONGRESS
1st Session
H. R. 1804


    To amend the Internal Revenue Code of 1986 to allow a 3-year recovery period for all race horses.


IN THE HOUSE OF REPRESENTATIVES

March 30, 2017

    Mr. Barr introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

    To amend the Internal Revenue Code of 1986 to allow a 3-year recovery period for all race horses.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Race Horse Cost Recovery Act of 2017”.

SEC. 2. Three-year depreciation for race horses.

(a) In general.—Section 168(e)(3)(A)(i) of the Internal Revenue Code of 1986 is amended to read as follows:

“(i) any race horse,”.

(b) Effective date.—The amendments made by this section shall apply to property placed in service after December 31, 2016.


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