Congress Pass Bills With Provisions Favorable To Horse Industry
Congress ended the year 2015 with productivity by passing major legislation of several bills that include provisions favorable to the horse industry which were priorities for the American Horse Council.
One of the bills was the tax extender bill: "Protecting Americans from Tax Hikes Act of 2015". This bill re-instates three year depreciation for all race horses for tow more years. It also increases the business expense deduction back to $500,000, making the provision permanent. This bill also restores depreciation for qualifying new property, which include assets used in the horse business, such as horses and other equipment purchased and placed in service during 2015 through 2019. The bill includes restoring and making permanent favorable tax treatment for land donated for conservation purposes, particularly land donated by farmers and ranchers, such as horse owners and breeders.
These provisions will benefit everyone in the horse business. Most importantly, horse breeders, and farms, can now make long term plans taking advantage of these tax provisions.
The other bill that was passed the the national highway bill which was the "Fixing America's Surface Transportation Act", or the FAST Act. This bill provides $85 million annually for the program over the next five years. Funding will be provided directly to the states for recreational trails and trail-related facilities for all recreational trail users. This greatly benefits the equestrians.
The bill will provide funding and matching grants to federal, state and local governments to acquire land and water for recreation and protection of natural resources. This will help provide equestrians with increased trail riding opportunities.
The third bill that was passed was "The Prevent All Soring Tactics Act". This would end all soring of Tennessee Walking Horses.
These bills will greatly impact the horse industry in 2016.
Brigita McKelvie is a REALTOR® (Pennsylvania License #RS297130) with Cindy Stys Equestrian & Country Properties, specializing in rural and horse properties and farms in Eastern Pennsylvania. She has an e-Pro® (Certified Internet Expert) certification and a GRI (Graduate, REALTOR® Institute) designation.
Brigita McKelvie, REALTOR
Pennsylvania License #RS297130
Rural and Horse Properties and Farms
Cindy Stys Equestrian & Country Properties, Ltd.
The Premier Equine and Country Real Estate firm serving Eastern Pennsylvania from back yard operations to world class equestrian facilities.
Use a REALTOR with "horse sense" that doesn't horse around when it comes to horse properties.