The bill would change federal tax rules for deciding whether horses qualify as section 1231 assets. It sets the holding period at 12 months and would apply to tax years beginning after December 31, 2024.
For taxpayers who own horses, the change could affect when a horse qualifies as a section 1231 asset. The bill does not specify individual tax outcomes.
The bill text provides no estimate of federal revenue effects or taxpayer costs.
No publicly available information.
No publicly available information.