GovTrack’s Bill Summary
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H.R. 998: 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.
- Introduced:
- Mar 06, 2013 (113th Congress, 2013–2015)
- Sponsor:
- Rep. Garland “Andy” Barr [R-KY6]
- Status:
- Referred to Committee
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Summary
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No summaries available.
- Text
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Last updated Mar 06, 2013.
2 pages
- Primary Source
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View on THOMAS (The Library of Congress)
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- Citation
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
3/6/2013--Introduced.
Amends the Internal Revenue Code, with respect to the preferential tax treatment of gains and losses from the sale of depreciable property used in a trade or business, to eliminate "horses" from the definition of "livestock" (thus making the 24-month holding period requirement for livestock inapplicable to horses and allowing horses to be treated as capital assets subject to the existing 1-year holding period requirement).
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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