Statement from Alex Waldrop, President and CEO of the National Thoroughbred Racing Association (NTRA) on the introduction of the Race Horse Cost Recovery Act by Congressman Andy Barr:
“The NTRA applauds Congressman Andy Barr for introducing H.R. 2212, the Race Horse Cost Recovery Act. If enacted, this much-needed legislation will help the horse industry protect hundreds of thousands of jobs and maintain over $100 billion in annual spending nationwide. Congressman Barr is a true champion for Kentucky’s signature equine industry and the NTRA looks forward to working with him to build support for this important legislation.”
Barr Introduces Race Horse Legislation to Protect Kentucky Jobs
LEXINGTON – On May 24, 2013, Congressman Andy Barr introduced H.R. 2212, the Race Horse Cost Recovery Act, which would make permanent for all race horses the three-year depreciation schedule which is subject to expire at the end of this year.
“Providing the certainty of a three-year depreciation schedule is critical to the health of Kentucky’s signature horse racing industry, as well as job growth in other horse-related industries,” said Barr. “That’s why I am proud to introduce H.R. 2212, the Race Horse Cost Recovery Act, a bill to make permanent the three-year depreciation schedule, which will encourage more job creation and investment in Kentucky’s signature equine industry, and end the uncertainty of the current, temporary depreciation schedule for race horses.
“Kentucky’s horse industry contributes $4 billion annually to our economy and provides over 80,000 direct and indirect jobs to Americans. We must protect this investment and these jobs for the sake of Kentucky’s hard-working families.”
*For more background on H.R. 2212, please see Congressman Barr’s letter to House Ways and Means Committee Chairman Dave Camp and House Agriculture Committee Chairman Frank Lucas requesting that they prioritize this tax provision in any upcoming legislation.