Today, the Senate followed the House of Representatives and passed the Tax Increase Prevention Act of 2014 (H.R. 5771). The President is expected to sign the bill shortly, possibly this week before the lame-duck session of the 113th Congress ends.
On December 13, 2014, an omnibus appropriations bill, which will fund the government through September 30, 2015, was passed by Congress. This bill is a package that includes parts of the FY 2015 appropriations bills, except Homeland Security, and will fund most government agencies and programs until the end of the fiscal year, September 30, 2015.
The omnibus bill contains several provisions that impact the horse industry, including the U.S. Department Agriculture (USDA) FY 2015 appropriations bill.
On December 3, the House of Representatives passed the Tax Increase Prevention Act of 2014 (H.R. 5771). The bill would extend several tax provisions favorable to the horse industry, including three-year depreciation for all race horses, which expired or were reduced at the end of 2013. The bill extends these provisions retroactively for assets placed in service at any time in 2014.
Last night, President Obama announced a series of immigration executive actions relating to border security, deportation proceedings, and undocumented immigrants, including action to defer deportation for certain individuals that in effect provides them with temporary legal status and the ability to work legally.