Racehorse Tax Parity Act

H.R. 2927 · 118th Congress · Apr 27, 2023 · Lineage

A BILL

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.

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

(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, 2022.