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Referenced Laws
section 1231(b)(3)
Section 1
1. Short title This Act may be cited as the Racehorse Tax Parity Act.
Section 2
2. Reduction of holding period to 12 months for purposes of determining whether horses are section 1231 assets Subparagraph (A) of section 1231(b)(3) of the Internal Revenue Code of 1986 is amended by striking and horses. The amendment made by this section shall apply to taxable years beginning after December 31, 2024.