An attorney specializing in estate planning says now is a good time for horsemen and others to establish tax-friendly programs that pass along assets to descendants–but warned that time was of the essence in organizing such efforts.
The Economic Stimulus Act signed into law by President Bush on Feb. 13, 2008 includes two tax incentives that would allow a much bigger write-off for horses and other property purchased and placed in service during 2008, according to an advisory
As if the drought wasn’t enough for the farmers of Tennessee. Beginning Jan. 1, all people buying feed (hay, grain, etc.), farm equipment, and other tax-exempt farm supplies in the Volunteer State had to present proof of exemption or pay almost
Tax relief for the horse industry, not racetrack gaming, will be the focus of the Kentucky Equine Education Project (KEEP) during the 2007 General Assembly session, according to the chairman of the organization.
KEEP this year authored
Companion legislation to the Equine Equity Act, which grants financial concessions to the horse industry, has been introduced in the United States House of Representatives.
U.S. Rep. Ron Lewis of Kentucky introduced the bill Oct. 27. Sen
Equine Equity Act will provide tax relief for horse owners
U.S. Senator Mitch McConnell introduced a bill Thursday (July 28) designed to promote investment in the horse industry by removing provisions of federal law that favor
The North Carolina Horse Council announced April 5 that the referendum vote on the Horse Industry Promotion Assessment held March 9 passed with a 95% favorable vote. The vote authorizes the continuation of the $2 per ton voluntary assessment on
Computers can make our lives easier in many ways, and a growing number of horse owners are using computers for recordkeeping. Some horse owners just want to keep track of horse records (deworming, vaccination, breeding records, etc.), some want
If you think that you need help preparing federal income tax returns for your horse activity, then you should seek the assistance of a qualified accountant or tax attorney. If, on the other hand, you think that you can manage the task without
What is livestock?
Livestock is most commonly considered animals kept or raised in a farm or ranch setting and used in a commercial enterprise. The raising of livestock is an agricultural endeavor that promotes the preservation o
By the time you read this, tax time will be nearly over. The rush to get all those receipts collected and all the itemized deductions documented will be but a fond memory. My guess is that you, like many others and me, had some charitable
A North Carolina state referendum was passed with an 80% majority approving a tax of $2 on each ton of horse feed sold. According to the North Carolina Department of Agriculture, this will raise $200,000 annually for promotion of the horse
The American Horse Council reports that the tax bill passed by the Senate on Friday, July 30, includes a provision that would shorten the holding period for horses from two years to one to realize capital gains treatment upon
Congress has passed a $792 billion tax bill that President Clinton has called too expensive and has already vowed to veto. The bill, which would reduce tax rates by one percent across-the-board and eliminate the estate tax, i
The American Horse Council reports that Congressmen Jerry Weller (R-IL), Joel Hefley (R-CO), Ron Lewis (R-KY) and Congresswoman Karen Thurman (D-FL) have introduced legislation to reduce from two years to one the period for
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