Tuesday, July 19, 2011

Horses in Deficit Negotiations?

One of the items "on the table" in the current debt reduction and debt ceiling debate in Washington is a proposal to remove a provision in the tax code that began in 2009 (originally sponsored by Sen, Mitch McConnell (R-KY) and Sen. Blanche Lincoln (D-AR)), which lets thoroughbred owners depreciate the value of their animals over three years instead of seven -- an important timetable since many horses race only for three or four years. Unless extended by Congress, the tax provision automatically expires in 2013. It is unclear whether this proposal will be a part of any package that eventually emerges from the current debate.

Click HERE for The Baltimore Sun's article.