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house Bill 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.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Ways and Means
    IntroducedMarch 6th, 2013

Bill Details

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Official Title

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.

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).

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