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H.R. 3671 (114th): Race Horse Cost Recovery Act of 2015

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 1, 2015.

Race Horse Cost Recovery Act of 2015

This bill amends the Internal Revenue Code to modify the accelerated depreciation allowance for race horses to allow a three-year recovery period for any race horse. (Current law limits depreciation to race horses placed in service before January 1, 2015, and race horses that are more than two years old if placed in service after December 31, 2014.)