President Obama this afternoon signed into law H.R. 2029, which includes the Protecting Americans from Tax Hikes (PATH) Act of 2015 and the related omnibus appropriations bill, both of which carry provisions backed by the National Thoroughbred Racing Association (NTRA) that will benefit horseracing for years to come. The new legislation includes three-year tax depreciation for racehorses, “bonus depreciation” of 50 percent, the “Section 179 expense allowance” for major purchases, and relief for H-2B visa employers such as horse trainers.
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