Tax bill passed out of Senate committee

A federal bill that reinstates several recently expired tax advantages to owners of racehorses and breeding stock has been passed out of the U.S. Senate Finance Committee and is headed to the Senate floor, lobbyists for the racing industry announced on Thursday.

The tax advantages, which accelerate the depreciation period for racehorses and provide for bonus depreciation allowances, expired at the end of 2013 after first being passed in 2008. The bill would also provide for higher expense allowances.

Lobbyists for the National Thoroughbred Racing Association have made the extension of the tax advantages a priority, the NTRA said. The NTRA’s lobbyists had pushed for the provisions in 2008.

It is unclear if the bill will come up for a vote in the Senate. If the bill passes in the Senate, it would still need approval in the House of Representatives, which has not yet addressed the issue.