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119th CongressH. R. 1112

Introduced in House

Racehorse Tax Parity Act

SEC. 1. SHORT TITLETrack this section →

This Act may be cited as the Racehorse Tax Parity Act.

SEC. 2. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETSTrack this section →

(a) In general Subparagraph (A) of section 1231(b)(3) 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, 2024.

•HR 1112 IHText from GovInfo