Tax Benefits for Racehorses, Rum Added to Bipartisan Budget Deal
- Some breaks that expired in 2016 would be reinstated for 2017
- Credits that would benefit biofuel producers also included
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Tucked inside the bipartisan budget deal that looks poised to pass the Senate Thursday are a slew of tax breaks for NASCAR, Hollywood, racehorses and rum. And beer, too.
The agreement reached Wednesday extends various “temporary” write-offs that have been on the books for years. Many of the breaks expired at the end of 2016 and would just be retroactively extended through 2017. For example, certain property placed in service in 2017 -- such as motorsports entertainment complexes and racehorses -- will still be able to qualify for a faster depreciation schedule.