The National Thoroughbred Racing Association (NTRA) praises the House Ways and Means Committee for passing a tax bill through their committee that includes 100% bonus depreciation. This is one of the first hurdles the bill needed to cross to become law. According to the bill, bonus depreciation will be retroactive to January 20, 2025, and continue unchanged (no phasedown of rate) for five years.
"100% bonus depreciation is essential for our sport," said NTRA President and CEO Tom Rooney. "I praise the House Ways and Means committee for swiftly passing this bill. While it's not permanent bonus depreciation, restoring 100% bonus depreciation for the next five years is a huge step in the right direction. It will give the Thoroughbred industry the increased cashflow and flexibility it needs to thrive. I would also like to applaud the work of our partners in this effort, the Economic Investment Alliance (EIA), for all that they have done in making sure 100% bonus depreciation was included in this bill. We are excited to continue working with them, as well as representatives on Capitol Hill, to extend bonus deprecation permanently."
The bill will now be sent to the House floor as part of the House Reconciliation package, where it is expected to be voted on next week.
"I urge those of you who support bonus depreciation to contact your congressperson that you want this bill passed. Making your voice heard on this is critical," Rooney advised.
You can find the EIA's statement on the tax bill here. Once the bill makes it to the Senate, we will again call on you to contact your Senator to stress the importance of 100% bonus depreciation, which will go a long way to helping our great sport.
