Financial Services Industry
Industry: Email Alert RSS FeedTax break wins, places and shows: economic stimulus measure revives horse racing as a shelter.
Investment News, June, 2002 by O'Brien, Sarah
The horse industry is looking for investors with a need for speed. The economic stimulus package signed by President Bush in March revived a 15-year-old tax incentive for investing in racehorses--one that the industry hopes will pull in some new money. The provision could give investors a way to cut their tax bill at a time when the Internal Revenue Service is cracking down on other tax shelters it deems unjustified, such as offshore accounts and insurance policies that avoid taxes on investment gains.
The tax break also could encourage those captivated by the thrill of pounding hooves and photo finishes to start a valid side business -- if they can stomach the risk. RISK AND REWARD "You can make a lot of money, but it's also very high...
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