H. R. 1112 proposes changes to the Internal Revenue Code of 1986 related to the classification of horses as section 1231 assets. It aims to reduce the required holding period for horses from more than 24 months to just 12 months to qualify for certain tax benefits associated...
Simple Explanation
H. R. 1112 is a plan to change a law so that people who own horses and wait at least 12 months to sell them can get special tax benefits, instead of having to wait more than 24 months like they do now. This change would start in 2025.