H.R. 1112

Summary

H.R. 1112, the Racehorse Tax Parity Act, was introduced in the House on Feb 7, 2025 by Rep. Garland Barr (R) with 1 co-sponsor. It was referred to Ways And Means, and last saw action on Feb 7, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 1112 has 1 co-sponsor.

119 HR 1112 IH: Racehorse Tax Parity Act
 U.S. House of Representatives
 2025-02-07
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 1112  IN THE HOUSE OF REPRESENTATIVES   February 7, 2025   Mr. Barr  (for himself and  Mr. McGarvey ) introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
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.
1.
Short title
This Act may be cited as the   Racehorse Tax Parity Act  .
2.
Reduction of holding period to 12 months for purposes of determining whether horses are section
1231  assets
(a)
In general
Subparagraph (A) of  section 1231(b)(3)  of the Internal Revenue Code of 1986 is amended by striking  and horses .
(b)
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

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.

Sponsors

Rep. Garland Barr (R) sponsors H.R. 1112, and 1 member has co-sponsored it from the day it was introduced.

Garland Barr

Rep. · R–KY-6 · Sponsor

Introduced Feb 7, 2025

Morgan McGarvey

Rep. · D–KY-3 · Co-sponsor

Joined Feb 7, 2025 · Original

Show 2 of 2 rows

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Committees

H.R. 1112 went before 1 committee: Ways and Means.

Ways and Means

Ways and Means

Referred To · Feb 7, 2025 · 1,160 Bills

Actions

H.R. 1112 has taken 2 actions since Feb 7, 2025.

Votes

H.R. 1112 has not gone to a roll call.

Titles

H.R. 1112 goes by 3 titles, 1 of them short titles.

• Racehorse Tax Parity Act — Display Title
• Racehorse Tax Parity Act — Short Title(s) as Introduced
• 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. — Official Title as Introduced

Lobbying

1 client hired 1 firm and 1 registered lobbyist who named H.R. 1112 in 2 quarterly filings, 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Agriculture, Animals, Financial Institutions/Investments/Securities, Gaming/Gambling/Casino, Immigration, Taxation/Internal Revenue Code.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files H.R. 1112 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 1112’s is Taxation.

Source: congress.gov · legiscan.com