While most consumers are starting to receive their Economic Stimulus Act
checks, there are lesser known benefits to horse owners. As outlined by
the American Horse Council, a lobbying organization based in Washington
D.C., the Economic Stimulus Act, signed into law by President Bush on February
13, also provides tax incentives that would allow a much bigger write-off
for horses and other depreciable property purchased and placed into service
during 2008. Says American Horse Council President Jay Hickey, "This should
provide an additional incentive for people to invest in more horses for
racing, showing and breeding as part of their business activities."
According to a press release issued by the Council, the first incentive
would increase the so-called Section 179 expensing allowance for horses
purchased and placed into service in 2008 from $128,000 to $250,000. This
expensing allowance also applies to farm equipment and most other depreciable
property. Once total purchases of horses and other eligible depreciable
property purchased during 2008 reach $800,000, the expense allowance goes
down one dollar for each dollar spent on eligible property over $800,000.
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