H.R. 2926 — Introduced in House

I 118th CONGRESS 1st Session H. R. 2926 IN THE HOUSE OF REPRESENTATIVES April 27, 2023Mr. 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 allow a 3-year recovery period for all race horses. 1. Short title This Act may be cited as the Race Horse Cost Recovery Act of 2023. 2. 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, 2020.