Equine Equity Act - Tax incentives sought for Racehorses

Senator Mitch McConnell the representative from Kentucky, is currently seeking approval for the Equine Equity Act.  This proposal would provide tax incentives for racehorses.

The proposal is currently part of a much larger bill with The Farm Bill that was approved by the U.S. Senate last week.

This tax incentive for the Equine Equity Act would allow horse owners to depreciate their racehorses over a 3 year period, and also it would help them by reducing their capital gains from a 2 year period down to just 1 year.

As The Farm Bill has currently been proposed, President Bush has promised to veto either the House approved or Senate approved versions of the bill.

This tax incentive would certainly spur the ongoing vigorous effort that is being sought by Kentucky to establish itself as THE horse capitol for the world.

It would join the ongoing effort of KEEP (Kentucky Equine Education Project), and the Kentucky Breeder Incentive Program that was recently opened up to many non-racing breeds earlier this year in 2007.

Many other states are trying to play catch up to Kentucky now with the many currently active programs that provide incentives and motivation for horse owners wherever they may be currently, to relocate to Kentucky in some form or fashion to take advantage of the generous financial climate that is being established in which for them to thrive in their horse and horse farms businesses in Kentucky.

Senator McConnell has stated that this is one of the top tax priorities for him currently.