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To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.
Summary
This bill amends the Internal Revenue Code to change the holding period for horses used in business so that they qualify for preferential capital gains tax treatment after 12 months of ownership, rather than a longer holding period currently required. The change applies to horses held for breeding, racing, and other business purposes, aligning their tax treatment with other business assets. The amendment takes effect for tax years beginning after December 31, 2024.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Barr, Andy [R-KY-6] (R-KY)
1 cosponsor
Money behind the sponsor
Top reported contributors to Andy Barr’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $274,323
- BANC OF CALIFORNIA $60,083
- APOLLO GLOBAL MANAGEMENT $32,200
- BLACKSTONE $28,900
- WELLS FARGO $23,366
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Andy Barr → · Outside spending →
Actions (2)
- Feb 7, 2025 Referred to the House Committee on Ways and Means. · house
- Feb 7, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
February 7, 2025
Mr. Barr (for himself and Mr. McGarvey) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Racehorse Tax Parity Act”.
SEC. 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”.
(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2024. <all>
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