A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of horses, and for other purposes.
Equine Equity Act of 2005 - Amends the Internal Revenue Code to: (1) treat any race horse as three-year property for depreciation purposes; and (2) reduce to 12 months the holding period for capital gains treatment of horses.
Directs the Secretary of Agriculture to include horses in livestock assistance, compensation, or feed programs. Amends certain agricultural acts to qualify horses for disaster and other assistance programs.
Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9293)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9293-9294)
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