The United States Senate Finance Committee reported April 3 legislation that would extend expired or expiring tax provisions for racehorses, including a provision to extend the three-year recovery period.

This provision—originally passed by Congress and enacted into law in 2008—accelerates, simplifies, and makes uniform the depreciation period for racehorses. The provision expired at the end of 2013 along with several other tax provisions. The proposed version of the provision that moved out of committee April 3 more accurately reflects current-day investments in racehorses and helps to spur continued investments in the racing industry.

"I applaud the committee for moving this bill and for including this important provision in the legislation," said Alex Waldrop, National Thoroughbred Racing Association (NTRA) president and CEO, in a statement. "I especially appreciate that the committee understands the continued importance of our industry and the contribution of the equine economy to job creation and added investment."

The three-year recovery provision was a top priority for the NTRA in 2008 and has been a top legislative priority again this year