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Bonus Depreciation Included In Federal Bill
The National Thoroughbred Racing Association reported that the Tax Relief for American Families and Workers Act recently passed by the United States House of Representatives includes the extension of 100% bonus depreciation until the end of 2025.
Since its inception in the Tax Cuts and Jobs Act of 2017, 100% bonus depreciation has played a pivotal role helping more people enjoy the sport of Thoroughbred racing by fostering economic growth from within. The provision allows businesses that own horses to depreciate 100% of their purchase price in the first year when the horse starts participating in the sport.
The latest bill will also retroactively elevate any purchases made in 2023 to the 100% bonus depreciation level, which were previously at 80%. The legislation was sent to the U.S. Senate for consideration.
The Thoroughbred industry has seen increased investment over the past several years in large part due to provisions such as 100% bonus depreciation. Tax policy has remained a central focus of NTRA’s lobbying efforts in Washington, D.C.
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With the approval of legislation that authorizes the redevelopment of Pimlico Race Course and creation of a not-for-profit operator under the Maryland Thoroughbred Racetrack Operating Authority, the planning process for operations after Jan. 1, 2025, has hit high gear.
Maryland Thoroughbred Horsemen’s Association Executive Director David Richardson met with horsemen and employees at Pimlico Race Course April 26 to discuss plans by Maryland Jockey Club to transition workers and horses later this year to Laurel Park as part of the ongoing plan to redevelop Pimlico.
