Andy Barr | Horse Racing Free Tips

Racehorse Tax Incentive Bills Reintroduced

Two pieces of federal legislation to incentivize investments in Thoroughbreds were reintroduced Apr. 27 by United States Reps. Andy Barr and Morgan McGarvey, both of Kentucky.

The Race Horse Cost Recovery Act of 2023 would make the three-year depreciation schedule permanent for racehorses, regardless of their age when put into service. Currently, Congress must reauthorize this provision in the tax law on an annual basis.

The Racehorse Tax Parity Act would reduce the holding period for equine assets to be considered long term capital gains, putting them on a level playing field with other similar assets.

Both bills would require amending the Internal Revenue Service code of 1986.

Barr had introduced similar versions of the Cost Recovery and Tax Parity acts on at least three previous occasions dating to 2015, but no voting action was ever taken.

The full text of the new versions of the bills was not available at deadline for this story.

According to a press release from Barr's office, the bills are endorsed by the National Thoroughbred Racing Association (NTRA), the Kentucky Thoroughbred Association, the Thoroughbred Owners and Breeders Association, Keeneland Association, the American Horse Council, and The Jockey Club.

“Permanently delivering these tax incentives for owners and breeders will strengthen investment in our signature equine industry,” said Barr, who serves as co-chair of the Congressional Horse Caucus.

“This legislation will deliver much-needed tax incentives for owners and breeders, fostering growth and investment in this critical industry and ensuring Kentucky remains the horseracing and breeding capital of the United States,” said McGarvey.

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Vaccarezza Organizes Fundraiser for Tornado Victims

A fundraising event to help benefit the families affected by last weekend's devastating Western Kentucky tornado will take place at Frank & Dino's restaurant in Lexington on Sunday, Jan. 2. Complimentary food and drinks will be served between 12 p.m. and 8 p.m. at the popular Italian eatery.

WLKY reported Thursday that 16 people, down from a high of 122, are still missing and that the death toll has risen to 76 Kentuckians. More than 1,000 homes and buildings have been destroyed and there are approximately still 3,000 power outages. Surveyors with the National Weather Service have reported that the twister had wind speeds up to 190 miles per hour.

“Every time there's an issue or something happens, we try to do something for the community,” said owner/breeder/trainer and Frank & Dino's managing partner Carlo Vaccarezza.

“I'm closing the restaurant from noon to 8 p.m. and there will be free food and free alcohol. When people come, hopefully they donate. We have people that are very committed that are going to come over and really support the cause. [Kentucky Congressman] Andy Barr–I've spoken to him a couple of times–and the governor's office are really behind this cause. All the money that we collect, we'll write a check and it will help families that were devastated by this horrible situation.”

Vaccarezza, whose two sons Mike and Nick survived a mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida in 2018, raised approximately $180,000 for the families of the victims during a fundraiser also held at his family restaurant.

Donations can also be sent to Frank & Dino's, 271 W. Short Street, Lexington, Ky., 40507.

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Legislation Introduced to Ease Tax Burden

U.S. Congressman Andy Barr, a Kentucky Republican who represents Lexington, has reintroduced the Equine Tax Fairness Act, which, if passed would make changes to the tax laws favorable to horse owners and breeders, it was announced by his office Wednesday.

The bill calls for new regulations that would make the three-year depreciation schedule permanent for racehorses, no matter their age when put into service. Currently, Congress must reauthorize this provision in the tax law on an annual basis.

The legislation would also reduce the holding period for equine assets to be considered long term capital gains, putting them on a level playing field with other similar assets.

“Permanently delivering tax incentives for owners and breeders will strengthen investment in our signature equine industry,” Congressman Barr, who serves as Co-Chair of the Congressional Horse Caucus, said in a statement. “I want to continue the momentum started with the enactment of the Horseracing Integrity and Safety Act to push another key industry initiative across the finish line that will help solidify the sport for decades to come.”

Barr's bill has been endorsed by the National Thoroughbred Racing Association (NTRA), the Kentucky Thoroughbred Association, the Jockey Club, the Thoroughbred Owners and Breeders Association, Keeneland, and the American Horse Council.

“The three-year depreciation of racehorses (similar to other investment assets) is critically important to encourage robust investment in Thoroughbred horses and to maintain the vibrant economy and trade we have seen throughout this Thoroughbred sales cycle and consistently over the past 85 years at Keeneland,” Shannon Arvin, President and CEO of Keeneland said in a statement. “We appreciate Congressman Barr's consistent support of this legislation and the entire Thoroughbred industry.”

“The Jockey Club wholeheartedly supports the Equine Tax Fairness Act, introduced by Congressman Andy Barr,” Jockey Club President & CEO Jim Gagliano said in a statement. “This bill will put horse ownership on par with other investment assets. The bill addresses two key deficiencies of the tax code. First, the bill will decrease the depreciation schedule eligible to racehorses from seven years to three, permanently rescheduling racehorses that are put into service before the age of two into the three-year depreciation asset class. The three-year depreciation schedule accurately reflects the typical career of a racehorse since nearly three-quarters of foals that race have a career of four years or less. This change has been enacted by Congress on a temporary, year-to-year basis since 2008, and needs to be permanent law.

“Second, the Equine Tax Fairness Act will reduce the holding period required for equine assets to be considered long-term capital assets from 24 months to 12 months, putting them in line with other investments, such as homes, stocks and bonds.”

Along with Congressman Paul Tonko, Barr was the original sponsor in the House of Representatives of the Horseracing Integrity and Safety Act.

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Barr Introduces Legislation To Make Racehorse Tax Depreciation Schedule Permanent

U.S. Congressman Andy Barr (KY-06) reintroduced legislation to incentivize investment in Kentucky's signature equine industry. The Equine Tax Fairness Act would make the three-year depreciation schedule permanent for racehorses, regardless of their age when put into service. Currently, Congress must reauthorize this provision in the tax law on an annual basis.

Additionally, this legislation would reduce the holding period for equine assets to be considered long term capital gains, putting them on a level playing field with other similar assets. Congressman Barr's bill is endorsed by the National Thoroughbred Racing Association (NTRA), the Kentucky Thoroughbred Association, the Jockey Club, the Thoroughbred Owners and Breeders Association, Keeneland, and the American Horse Council.

“Permanently delivering tax incentives for owners and breeders will strengthen investment in our signature equine industry,” said Congressman Barr, who serves as Co-Chair of the Congressional Horse Caucus. “I want to continue the momentum started with the enactment of the Horseracing Integrity and Safety Act to push another key industry initiative across the finish line that will help solidify the sport for decades to come.”

“The three-year depreciation of racehorses (similar to other investment assets) is critically important to encourage robust investment in Thoroughbred horses and to maintain the vibrant economy and trade we have seen throughout this Thoroughbred sales cycle and consistently over the past 85 years at Keeneland,” said Shannon Arvin, President and CEO of Keeneland. “We appreciate Congressman Barr's consistent support of this legislation and the entire Thoroughbred industry.”

“Congressman Barr understands the horse racing industry and appreciates the impact this bill would have on attracting and maintaining ownership in racehorses,” said Alex Waldrop, President and CEO of NTRA. “We thank him for introducing the Equine Fairness Act and for helping support an industry that is a job-creating economic engine for his home state of Kentucky and for other states. Both provisions offer a level of tax fairness and flexibility that racehorse owners seek when determining their level of investment. This bill simply is good for business.”

“The Jockey Club wholeheartedly supports the Equine Tax Fairness Act, introduced by Congressman Barr,” said James Gagliano, President of the Jockey Club. “This bill will put horse ownership on par with other investment assets. The three-year depreciation schedule accurately reflects the typical career of a racehorse since nearly three-quarters of foals that race have a career of four years or less. This change has been enacted by Congress on a temporary, year-to-year basis since 2008, and needs to be permanent law.”

You can read the Jockey Club's full statement on the bill here.

“The Kentucky Thoroughbred Association endorses the Equine Tax Fairness Act, and is very grateful to Congressman Andy Barr for introducing it. Kentucky breeders produce foals that become racehorses in 38 states, and the 3-year depreciation encourages racehorse ownership which we know supports 241,000 direct racing sector jobs nationwide as well as the 60,000 direct, indirect and induced jobs in the Commonwealth of Kentucky,” said Chauncey Morris, Executive Director of the Kentucky Thoroughbred Association.

“The Thoroughbred Owners and Breeders Association fully endorses Congressman Barr's bill to reward investment in our great sport,” said Dan Metzger, President of the Thoroughbred Owners and Breeders Association. “We thank him for his consistent support for owners and breeders and the Thoroughbred horse racing industry as a whole.”

“The American Horse Council is pleased to endorse Rep Barr's Equine Tax Bill, which will help ensure growth and investment in the $122 billion equine industry,” said Julie Broadway, President American Horse Council.

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