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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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TOBA National Awards To Be Announced Virtually

The 35th annual Thoroughbred Owners and Breeders Association (TOBA) National Awards will be held Sept. 26 in a virtual ceremony hosted by Gabby Gaudet at Hill ‘n’ Dale at Xalapa. The TOBA National Awards recognize breeders from 20 states and Canada. Also recognized are the National Owner of the Year and National Owner Finalists, National Breeder of the Year, Small Breeder of the Year, National Broodmare of the Year, Racing Partnership of the Year, Rood & Riddle Sport Horse of the Year, Claiming Crown Horse of the Year, Industry Service Award and recipient of the Robert N. Clay Award.

“The TOBA National Awards presentation is a very important event to our industry, as it recognizes outstanding achievements by owners and breeders in 2019,” said Dan Metzger, president of TOBA. “With the health pandemic upsetting our everyday lives, we are committed to honoring the best in our sport with a virtual broadcast of the TOBA National Awards. We are very grateful to John Sikura for his support and welcoming us to historic Hill ‘n’ Dale at Xalapa. The support of our sponsors and advertisers has been overwhelming and we look forward to a unique and special evening on Sept. 26.”

The TOBA National Awards are sponsored by Hill ‘n’ Dale at Xalapa, Angeon Group, Limestone Bank, Stonestreet Farm, National Horsemen’s Benevolent and Protective Association, The Jockey Club Information Systems, John Deere and National Thoroughbred Racing Association. For sponsorship opportunities email Meredith Downey at mdowney@toba.org.

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Monmouth to Allow Owners On Track for Weekend Workouts

A day after announcing that it will be open to a limited number of fans when its racing season commences July 3, Monmouth Park announced Tuesday that owners will be permitted to watch their horses work from a designated area from 5:30 a.m. to 10:30 a.m. Fridays through Sundays starting Friday, June 26.

Monmouth Park has been closed to all but essential personnel since March 16, when restrictions were put into place to slow the spread of the Covid-19 virus.

Under a special permit that allows for re-purposing of restaurants under the state of New Jersey’s Stage 2 loosening of restrictions to slow the pandemic, owners will be allowed to watch workouts only from a newly-created venue at the Blu Grotto, which is an all-weather tented section adjacent to Bluegrass mini-golf that abuts the racetrack.

To gain access, owners with a valid ID will enter through the Blu Grotto entrance on Port au Peck Avenue and will undergo temperature checks as well as a health questionnaire.

For more information visit www.monmouthpark.com or follow the racetrack on Facebook, Twitter and Instagram.

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BHA Working on Plan to Allow Phased Return of Owners

British racing resumed behind closed doors on June 1, and now, with these first weeks back going well and in accordance with the UK government’s safety protocols, the British Horseracing Authority is working on a template to allow owners to observe their horses race on location. In a letter sent to racehorse owners on Monday by the BHA, the BHA’s Chief Operating Officer Richard Wayman thanked the owners for their support in these challenging times due to the coronavirus situation and outlined plans for their return in the near future. The letter reads in part:

“I want to thank owners for your continued patience and understanding during a very difficult period for our sport. You’ve shown incredible loyalty and I know how disappointing it is that you haven’t been able to watch your horses run.

“In the early stages of resumption, we have had to limit racecourse attendance to only the very minimum number of attendees with essential functional roles. This has enabled us to embed the new safety protocols in raceday operations and give participants time to adjust to different ways of working.

“Nonetheless, we have stated repeatedly that owners are integral to racing, and that getting you back onto the racecourse is an absolute priority as soon as it is safe and practicable to do so.

“We’ve been working on a phased, risk-managed plan, that adheres to the necessary safety protocols, including social distancing. We expect to have specific proposals ready to share very soon–and look forward to welcoming owners back onto the racecourse.”

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