Horse Racing Tax Credit Backers Not Deterred by House Setback

The fight over a contentious tax benefit for racehorse owners is just getting started.

The tax benefit, which expired at the end of 2017, lets owners depreciate the cost of a racehorse 2 years old or younger over three years, compared to seven years for other types of horses. The perk, in its current form, was first enacted in the 2008 farm bill and has been extended three times.

But when Ways and Means Chairman Richard Neal (D-Mass.) rolled out a bill (H.R. 3301) in early June to revive a package of temporary tax breaks known as ...