S 1251
110th Congress
Senate
Taxation
Animals
Capital gains tax
Depreciation and amortization
Horse racing
Horses
Income tax
Sports and Recreation
Tax deductions
Equine Equity Act of 2007
Introduced: April 30, 2007
Introduced by:
McConnell, Mitch
Republican
· Kentucky
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 30, 2007
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5309)
Apr 30, 2007
Sponsor introductory remarks on measure. (CR S5309)
Apr 30, 2007
Introduced in Senate
Plain-English summary
Equine Equity Act of 2007 - Amends the Internal Revenue Code to: (1) treat any race horse as three-year property for depreciation purposes; and (2) reduce to 12 months the holding period for capital gains treatment of horses.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5309)
Committees of jurisdiction
1