House Budget Committee Completes First Step in Passing a Reconciliation Bill for Tax Package
The House Budget Committee completed a markup of a budget resolution on February 13, a necessary procedural step before committees of jurisdiction can begin drafting tax and spending policies. This markup followed a delay that caused House Republicans to hit a roadblock in their efforts to advance a reconciliation bill critical to enacting President Donald Trump’s tax agenda.
Reconciliation provides a streamlined process for Republicans to pass major tax reforms with a simple majority, bypassing the Senate filibuster. Speaker Mike Johnson (R-LA) had set an ambitious timeline, aiming to send a sweeping tax and spending package to Trump’s desk by May. But with negotiations dragging, Senate Republicans may push for a two-track approach—prioritizing border security or other policy goals separately before tackling a broader tax package.
Sen. John Hoeven (R-ND) acknowledged the difficulty of passing a single, comprehensive reconciliation bill by May, particularly given the complexities of tax policy negotiations. If delays continue, Republicans may face increasing pressure to split President Trump’s priorities into multiple bills rather than delivering the “one big, beautiful bill” he prefers.
Brooke Rollins Confirmed as Secretary of Agriculture
On February 13 Brooke Rollins was confirmed to be the 33rd Secretary of Agriculture by a vote of 72-28.
Rollins brings a lifetime of agricultural expertise to the position. From her early days raising livestock and participating in 4-H and FFA to earning a degree in agricultural development from Texas A&M, Rollins has a deep understanding of the agricultural landscape. Her professional experience includes serving as Deputy General Counsel and Policy Director under former Texas Governor Rick Perry and as Director of the U.S. Domestic Policy Council under President Trump, where she consistently prioritized rural and agricultural concerns.
The U.S. Department of Agriculture (USDA) plays a pivotal role in the Thoroughbred racing industry by overseeing critical regulations that enable international export and import while upholding the industry’s high standards. Strong leadership at the USDA is vital to maintaining these operations, ensuring compliance, and addressing challenges that impact farmers, rural communities, and industries like Thoroughbred breeding and racing.
Previously, the National Thoroughbred Racing Association, alongside over 400 stakeholders, expressed strong support to the leadership on the Senate Agriculture, Nutrition and Forestry Committee for Brooke Rollins’ nomination
The NTRA looks forward to working alongside Secretary Rollins and her team to continue to promote common sense police that have a positive impact on our sport.
Read that letter of support HERE
NTRA Endorses Key Legislative Efforts to Strengthen the Thoroughbred Industry
The National Thoroughbred Racing Association (NTRA) proudly endorses three key pieces of legislation aimed at bolstering investment, financial certainty, and long-term growth in the equine industry. These measures—the Accelerate Long-term Investment Growth Now (ALIGN) Act, the Racehorse Cost Recovery Act, and the Racehorse Tax Parity Act—represent critical advancements for the Thoroughbred breeding and racing sector and the broader equine economy.
The ALIGN Act, introduced in the House of Representatives by Congressman Jodey Arrington (R-TX), permanently sets the applicable percentage for bonus depreciation at 100%. This is a vital provision for the Thoroughbred industry, as it incentivizes investment, boosts demand at sales, and provides financial certainty for breeders, owners, and buyers. By ensuring long-term depreciation benefits, this legislation will promote reinvestment across the industry while strengthening jobs in farming, training, veterinary care, and other equine-related businesses. The NTRA strongly supports the ALIGN Act as a fundamental measure to maintain the economic vitality of Thoroughbred racing.
Reintroduced by Congressmen Andy Barr (R-KY) and Morgan McGarvey (D-KY) the Racehorse Cost Recovery Act seeks to make the three-year depreciation schedule permanent for yearlings. Previously, Congress had renewed this tax provision annually, but it has remained expired since 2021. Establishing a permanent three-year depreciation schedule will eliminate uncertainty for owners and investors, fostering sustained growth in the Thoroughbred sector.
Also introduced by Congressmen Barr and McGarvey, the Racehorse Tax Parity Act addresses inequities in the tax code by reducing the holding period for equine assets to qualify as long-term capital gains. This change would align the tax treatment of racehorses with other similar assets, ensuring that investors in the equine industry receive fair and consistent tax benefits.
The NTRA will remain actively engaged with Congress to advocate for these legislative measures and monitor their progress. By securing tax incentives and financial stability for the Thoroughbred breeding and racing sector, these bills will ensure that the industry continues to thrive as a vital contributor to the U.S. economy.
