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No official summary is available in the imported record yet.
People & committees
Rep. Barr, Andy [R-KY-6] · R–KY
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: May 5, 2025. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2025-02-07 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The Racehorse Tax Parity Act proposes shortening how long taxpayers must hold qualifying horses before they fall within a federal tax category called “section 1231 assets.” The section heading describes a 12-month holding period. The supplied text does not explain the tax consequences of that classification or reproduce the existing eligibility rules.
This Act may be cited as the Racehorse Tax Parity Act.
Reduction of holding period to 12 months for purposes of determining whether horses are section 1231 assets
The bill would remove the words “and horses” from section 1231(b)(3)(A) of the Internal Revenue Code. Its heading describes this change as reducing the holding period for horses to 12 months. Although the bill’s title refers to racehorses, the amendment itself refers to horses without that qualifier.
This Act may be cited as the Racehorse Tax Parity Act.
2. Reduction of holding period to 12 months for purposes of determining whether horses are section 1231 assets (a) In general Subparagraph (A) of section 1231(b)(3) of the Internal Revenue Code of 1986 is amended by striking and horses.
If enacted as written, the amendment would apply to tax years beginning after December 31, 2024.
(b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2024.
The supplied action snapshot, updated May 5, 2025, records introduction in the House and referral to the House Committee on Ways and Means on February 7, 2025.
Source snapshot updated 2025-05-05T17:07:12Z. 2025-02-07: Referred to the House Committee on Ways and Means. 2025-02-07: Introduced in House
A closer look
Reviewed version: Introduced in House · 2025-02-07. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish attachment history or the contents of other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion does not establish what other versions or accompanying disclosure materials contain.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The text contains asset-specific tax treatment central to the bill’s main policy. Classification as a targeted benefit is not a judgment about its justification.
The proposal targets taxpayers holding qualifying horses for a shorter holding period under section 1231. This is a narrow tax-rule change tied to a particular asset; the supplied text does not establish the amount of any tax savings.
2. Reduction of holding period to 12 months for purposes of determining whether horses are section 1231 assets (a) In general Subparagraph (A) of section 1231(b)(3) of the Internal Revenue Code of 1986 is amended by striking and horses.
Full text preserved for this analysis. Legislative record snapshot: May 5, 2025. How PlainBill uses AI