During 2013 horse owners, breeders, and businesses enjoyed a number of favorable tax provisions that have now reverted to lower levels or expired.

The American Horse Council (AHC) reported Jan. 13 more than 60 tax provisions expired; some applied to all businesses, including the horse industry, and one specifically applicable to racehorse owners.

While the Tax Extender Act of 2013 has been introduced to extend various tax provisions, legislation will not be passed quickly or easily, the AHC said. In addition, the AHC said any extension is affected by the desire in Congress to deal with broader, fundamental tax reform involving much of the current tax code.

For the last few years, the "Section 179 business expense deduction" was set at $500,000, meaning anyone in the horse business, or any business for that matter, could immediately depreciate up to $500,000 of the cost of any investment in business assets, including horses