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HR 998 113th Congress House Taxation Accounting and auditing Business investment and capital Capital gains tax Livestock

To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.

Introduced: March 6, 2013 Introduced by: Barr, Andy Republican · Kentucky See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 2013
Referred to the House Committee on Ways and Means.
Mar 6, 2013
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code, with respect to the preferential tax treatment of gains and losses from the sale of depreciable property used in a trade or business, to eliminate "horses" from the definition of "livestock" (thus making the 24-month holding period requirement for livestock inapplicable to horses and allowing horses to be treated as capital assets subject to the existing 1-year holding period requirement).

What's happening now March 6, 2013

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1