How About a Cash for Clunkers program for Horseowners
Why not a Cash for Clunkers program for horse owners…I have an old rope horse I’ll trade in for a new fancy model. I’m Susan Allen stay tuned after the break because I’m not kidding the stimulus Act actually has some provisions for horses owners. While there isn’t a cash for clunkers program yet for horse owners or an $8,000 first time horse owner incentive…(now that would be cool) there are parts of the stimulus package that benefit horse owners and ranchers. For example it’s a great time to purchase a tractor or even a race horse. Section 179 says that those of us who buy horses or farm equipment and place it into service this year can expense up to $250,000 of the cost. Call my son Austin at RDO for a great deal. The government is also offering a 50% bonus depreciation for horses and other depreciable property purchased and placed in service during 2009. This one is great if you need a competition or race horse because to qualify the animal must be new to the original use, for example, a young cutting horse prospect or a colt that has never raced. Folks who buy a trained rope horse or a proven broodmare won’t see a penny because the use of the horse must commence with the tax payer. You! And for those who have weathered some bad years in the horse industry, you will be able to extend the maximum carry-back period for operating losses to five years rather than two years that has been current law.
