Friday, February 9, 2018 President Trump signed into law the Bipartisan Budget Act, a bill that among other measures extends retroactively for fiscal year 2017 uniform three-year racehorse depreciation, an important tax provision supported by the National Thoroughbred Racing Association (NTRA) that expired in 2016 alongside certain other expired tax provisions. The bill also funds the federal government until March 23.
Three-year depreciation is an investment incentive for racehorse owners that had been in place for several years before expiring at the end of 2016.
“We wish to thank Senate Majority Leader Mitch McConnell for his continued support for our industry,” said NTRA President and CEO Alex Waldrop. “We’ve worked with the Leader for over a decade on our industry’s unique issues, and we appreciate his continued efforts.”
Prior to the 2008 Farm Bill, which became effective January 1, 2009, racehorses 24 months of age and younger when purchased and placed in service, were depreciated on a seven-year schedule that did not accurately reflect the length of a typical racehorse’s career; only racehorses over 24 months old were depreciated using a three-year schedule.
The NTRA will continue to advocate for tax policies that accurately reflect our unique industry.
About the NTRA
The NTRA, based in Lexington, Ky., is a broad-based coalition of more than 100 horse racing interests and thousands of individual stakeholders consisting of horseplayers, racetrack operators, owners, breeders, trainers and affiliated horse racing associations, charged with increasing the popularity, welfare and integrity of Thoroughbred racing through consensus-based leadership, legislative advocacy, safety and integrity initiatives, fan engagement and corporate partner development. The NTRA owns and manages the NTRA Safety and Integrity Alliance, NTRA.com, the Eclipse Awards, the National Handicapping Championship, NTRA Advantage, a corporate partner sales and sponsorship program, and Horse PAC, a federal political action committee. NTRA press releases appear on NTRA.com, Twitter (@ntra) and Facebook (facebook.com/1NTRA).