Senator McConnell's Amendment to Promote Kentucky's Horse Industry Included in Farm Bill Agreement
*McConnell Measure Promotes Signature Kentucky Industry*
U.S. Senate Republican Leader Mitch McConnell announced Thursday that his legislation to promote investment in the horse industry has been approved and is now included in the Farm Bill Conference Agreement. The legislation must now be approved by the House and Senate before going to the President.
The McConnell measure would make sure that all race horses are depreciated over 3 years for tax purposes - regardless of when the horses start training. The current tax code does not accurately reflect the length of a horse's racing life.
"The horse industry is a vital part of Kentucky's economy and cultural heritage," McConnell said. "Horses are Kentucky's largest agricultural product. The industry contributes $3.5 billion to Kentucky's economy and directly employs more than 50,000 Kentuckians."
"While many Americans identify the horse industry as one of Kentucky's signature industries, its economic impact extends well beyond the borders of the commonwealth," McConnell said.
According to a recent study, the horse industry contributes approximately $39 billion a year to the U.S. economy. Nearly 2 million Americans own horses, either for racing, showing or recreational purposes. Sixty-eight percent of Kentucky horse owners have incomes less than $100,000.