Racehorse Tax Parity Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 1112 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 1112 To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 7, 2025 Mr. Barr (for himself and Mr. McGarvey) 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 reduce the holding period used to determine whether horses are section 1231 assets to 12 months. 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 ``Racehorse Tax Parity Act''. SEC. 2. REDUCTION OF HOLDING PERIOD TO 12 MONTHS FOR PURPOSES OF DETERMINING WHETHER HORSES ARE SECTION 1231 ASSETS. (a) In General.--Subparagraph (A) of section 1231(b)(3) of the Internal Revenue Code of 1986 is amended by s…