Racehorse Tax Parity Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- House
- Sponsors
- 2
- Latest action
- Feb 7, 2025
What it does
The Racehorse Tax Parity Act would amend the Internal Revenue Code to reduce the required holding period for horses to be classified as section 1231 assets from 24 months to 12 months. This change would affect horse owners and breeders by allowing them to qualify for favorable capital gains tax treatment on the sale of horses after a shorter ownership period. The amendment would apply to taxable years beginning after December 31, 2024.
AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
Reporting that may mention this subject. Possible matches are labeled.
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Where it goes next
While a bill can still move, the questions are about people and money.