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H.R. 1806 - To amend the Internal Revenue Code of 1986 to allow the expensing of race horses.
Sponsor: Andy Barr (R)
Introduced: 2017-03-30
Bill Status: Referred to the House Committee on Ways and Means.
 

This bill amends the Internal Revenue Code to allow a taxpayer to elect to expense the cost of any race horse.

Full Text


115th CONGRESS
1st Session
H. R. 1806


    To amend the Internal Revenue Code of 1986 to allow the expensing of 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 the expensing of race horses.

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

SECTION 1. Election to expense race horses.

(a) In general.—Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 179E the following new section:

“SEC. 179F. Election to expense race horses.

“A taxpayer may elect to treat the cost of any race horse as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the race horse is placed in service.”.

(b) Clerical amendment.—The table of sections for part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 179E the following new item:

(c) Effective date.—The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.


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