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H.R.998: To amend the Internal Revenue Code of 1986 to reduce the holding period used to determine whether horses are section 1231 assets to 12 months.

About this Bill

You can read the bill
Sponsor Andy Barr, R-Ky.
Total Cosponsors 0
Introduced March 6, 2013
Latest Major Action March 6, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Amends the Internal Revenue Code, with respect to the preferential tax treatment of gains and losses from the sale of depreciable property used in a trade or business, to eliminate "horses" from the definition of "livestock" (thus making the 24-month holding period requirement for livestock inapplicable to horses and allowing horses to be treated as capital assets subject to the existing 1-year holding period requirement).

(Source: Congressional Research Service)

Bill Actions

Date Description
March 6, 2013 Referred to the House Committee on Ways and Means.