[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5833 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 5833

To amend the Internal Revenue Code of 1986 to modify certain provisions 
                           related to horses.


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                    IN THE HOUSE OF REPRESENTATIVES

                            November 3, 2021

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

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to modify certain provisions 
                           related to horses.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equine Tax Fairness Act''.

SEC. 2. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF 
              DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS.

    (a) In General.--Section 1231(b)(3)(A) 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, 2021.

SEC. 3. THREE-YEAR DEPRECIATION FOR RACE HORSES.

    (a) In General.--Section 168(e)(3)(A)(i) of the Internal Revenue 
Code of 1986 is amended to read as follows:
                            ``(i) any race horse,''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2021.
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