The $286 billion bill, which passed the Senate on December 14 by a vote of 79 to 14, now includes the Equine Equity Act. Senator Mitch McConnell (R-KY) offered this bill as an amendment to the Farm Bill, and it was accepted without objection. This provision would: (1) shorten the capital gains holding period for horses from 24 months to 12 months; and (2) place all racehorses in the three-year category for depreciation purposes.

 

Additionally, the Senate Farm Bill includes two provisions that would make horse owners involved in production agriculture eligible for additional federal programs that are administered by the United States Department of Agriculture (USDA) in the aftermath of a natural disaster.

 

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Upon passage of the bill, AHC President Jay Hickey commented, “As always, Senators McConnell and Bunning have done a great job for the horse industry. Both have been working for some time on the Equine Equity Act and providing parity for the horse industry with respect to federal disaster assistance programs. We appreciate all they do for this industry.”