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H.R. 1805 - Equine Tax Parity Act of 2017
Sponsor: Andy Barr (R)
Introduced: 2017-03-30
Bill Status: Referred to the House Committee on Ways and Means.
 

Equine Tax Parity Act of 2017

This bill amends the Internal Revenue Code, with respect to the preferential tax treatment of gains and losses from the sale of depreciable property used in a trade or business, to eliminate "horses" from the definition of "livestock" (thus making the 24-month holding period requirement for livestock inapplicable to horses and allowing horses to be treated as capital assets subject to the existing 1-year holding period requirement).

Full Text


115th CONGRESS
1st Session
H. R. 1805


    To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.


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 reduce the holding period used to determine whether horses are section 1231 assets to 12 months.

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 “Equine Tax Parity Act of 2017”.

SEC. 2. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS.

(a) In general.—Section 1231(b)(3)(A) of the Internal Revenue Code of 1986 is amended by striking “and horses”.

(b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2017.


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