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Senate Passes Farm Bill Helpful to Horses
WASHINGTON, DC December 17, 2007 – The American Horse Council (AHC)
reports that the recently passed Senate Farm Bill includes several key
provisions that would benefit the horse industry.
The $286 billion dollar bill, which passed the Senate on December 14 by a
vote of 79 to 14, now includes the Equine Equity Act. Senator Mitch
McConnell (R-KY) offered this bill as an amendment to the Farm Bill and it
was accepted without objection. This provision would: (1) shorten the
capital gains holding period for horses from 24 months to 12 months; and
(2) place all racehorses in the three-year category for depreciation
purposes.
Additionally, the Senate Farm Bill includes two provisions that would make
horse owners involved in production agriculture eligible for additional
federal programs that are administered by the U.S. Department of
Agriculture (USDA) in the aftermath of a natural disaster. Senator
McConnell and Senator Jim Bunning (R-KY) were critical to the inclusion of
horses in these two provisions.
The first provision would make horse breeders eligible for federal
emergency loans for the first time by including “equine farmers and
ranchers” within the class of eligible producers. The second provision
institutes a permanent disaster relief fund that would provide payments to
farmers and ranchers who suffer losses in areas that are declared disaster
areas by USDA. This provision specifically includes “horses” within the
definition of livestock eligible for the program.
Upon passage of the bill, AHC President Jay Hickey commented, “As always,
Senators McConnell and Bunning have done a great job for the horse
industry. Both have been working for sometime on the Equine Equity Act and
providing parity for the horse industry with respect to federal disaster
assistance programs. We appreciate all they do for this industry.”
The AHC previously reported that the House passed its version of the Farm
Bill last summer. However, the House bill does not include the provisions
described above applicable to horse owners and is quite different from the
Senate Farm Bill in other respects. A conference between House and Senate
members will be necessary to work out these differences in the second
session of this Congress, which begins in January. The bill that results
from that conference will have to be passed by both the House and Senate
and then signed by the President.
The American Horse Council encourages all horse owners and enthusiasts to
remain educated and informed regarding legislative issues that pertain to
the horse industry. For the latest updates and news from Washington,
including information on how you can be a grassroots advocate, please
visit: www.horsecouncil.org or
call 202-296-4031.
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As the national association representing all segments
of the horse industry in Washington, D.C., the American Horse Council
works daily to represent equine interests and opportunities. Organized in
1969, the AHC promotes and protects the industry by communicating with
Congress, federal agencies, the media and the industry on behalf of all
horse related interests each and every day.
The AHC is member supported by individuals and organizations representing
virtually every facet of the horse world from owners, breeders,
veterinarians, farriers, breed registries and horsemen's associations to
horse shows, race tracks, rodeos, commercial suppliers and state horse
councils. Visit the AHC online:
www.horsecouncil.org.
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