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Farm Bill Includes Tax Breaks for Horse Racing Industry WASHINGTON - Senate Minority Leader Mitch McConnell, R-Ky., netted tax breaks for the thoroughbred horse racing industry in the farm bill worth $126 million over the next 10 years, a provision that helped guarantee his support for the hotly debated bill. The provision ensures that all racehorses are depreciated over three years for tax purposes, regardless of when the horses start training. The current tax code doesn't reflect the entire length of a horse's racing life, according to a National Thoroughbred Racing Association analysis of Jockey Club racing data.

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Farm Bill Includes Tax Breaks for Horse Racing Industry

WASHINGTON - Senate Minority Leader Mitch McConnell, R-Ky., netted tax breaks for the thoroughbred horse racing industry in the farm bill worth $126 million over the next 10 years, a provision that helped guarantee his support for the hotly debated bill.

The provision ensures that all racehorses are depreciated over three years for tax purposes, regardless of when the horses start training. The current tax code doesn't reflect the entire length of a horse's racing life, according to a National Thoroughbred Racing Association analysis of Jockey Club racing data.