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H.R. 4786: Race Horse Cost Recovery Act of 2019

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About the bill

Should people with enough disposable income to buy race horses have a custom benefit in the federal tax code?

Context

Depreciation allows expensive purchases to be spread out over time for tax purposes. That prevents costly items, such as equipment or machinery, from being taxed in full immediately, when they’ve barely been able to contribute to an individual’s or business’s revenue.

The most expensive race horses can cost tens of millions of dollars. So in 2008, as a provision in the larger “farm bill,” race horses were ...

Sponsor and status

Garland “Andy” Barr

Sponsor. Representative for Kentucky's 6th congressional district. Republican.

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Last Updated: Oct 22, 2019
Length: 2 pages
Introduced
Oct 22, 2019
Status

Introduced on Oct 22, 2019

This bill is in the first stage of the legislative process. It was introduced into Congress on October 22, 2019. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.

Prognosis
1% chance of being enacted according to Skopos Labs (details)
Source

History

Oct 22, 2019
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

If this bill has further action, the following steps may occur next:
 
Passed Committee

 
Passed House

 
Passed Senate

 
Signed by the President

H.R. 4786 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“H.R. 4786 — 116th Congress: Race Horse Cost Recovery Act of 2019.” www.GovTrack.us. 2019. November 22, 2019 <https://www.govtrack.us/congress/bills/116/hr4786>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.