[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1806 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1806

 To amend the Internal Revenue Code of 1986 to allow the expensing of 
                              race horses.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 30, 2017

   Mr. Barr introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow the expensing of 
                              race horses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ELECTION TO EXPENSE RACE HORSES.

    (a) In General.--Part VI of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 
179E the following new section:

``SEC. 179F. ELECTION TO EXPENSE RACE HORSES.

    ``A taxpayer may elect to treat the cost of any race horse as an 
expense which is not chargeable to capital account. Any cost so treated 
shall be allowed as a deduction for the taxable year in which the race 
horse is placed in service.''.
    (b) Clerical Amendment.--The table of sections for part VI of 
subchapter B of chapter 1 of the Internal Revenue Code of 1986 is 
amended by inserting after the item relating to section 179E the 
following new item:

``Sec. 179F. Election to expense race horses.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
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