H. R. 1113, known as the “Race Horse Cost Recovery Act of 2025,” aims to change the Internal Revenue Code of 1986 to allow race horse owners to recover their costs more quickly by using a 3-year depreciation period for all race horses. This means that starting from property...
Simple Explanation
H. R. 1113 is like giving horse owners a special rule to save money on their taxes; it lets them count the cost of their race horses over three years instead of longer, which could make it easier for them to pay less tax each year.