Racehorse owners could enjoy a tax break if a proposal by Sen. Mitch McConnell becomes law.
McConnell has re-introduced a multi mIllion-dollar tax break for owners of race horses. Still, the break could cost taxpayers more than a quarter of a bIllion dollars over five years.
The Equine Equity Act would reduce the time an owner would have to hold a racehorse, before it would be eligible for the capital gains tax rate at sale. The bill would also allow all racehorses to be depreciated over three years, some now are depreciated over seven.