Morgan McGarvey

The National Thoroughbred Racing Association (NTRA) hosted its second Annual Kentucky Derby Kick-off Reception on Capitol Hill this week, the organization said in a release Friday. On hand were more than 600 attendees, including many congressional staffers from the offices of Congressman Andy Barr (R-KY-06), Congressman Morgan McGarvey (D-KY-03), Congressman Ralph Norman (R-SC-05) and Congressman Paul Tonko (D-NY-20). For the event, the National Museum of Racing lent the Count Fleet Triple Crown and Kentucky Derby trophies, and Coolmore provided halters worn by Triple Crown Winners American Pharoah and Justify. This...

Two pieces of federal legislation to incentivize investments in Thoroughbreds were reintroduced Apr. 27 by United States Reps. Andy Barr and Morgan McGarvey, both of Kentucky. The Race Horse Cost Recovery Act of 2023 would make the three-year depreciation schedule permanent for racehorses, regardless of their age when put into service. Currently, Congress must reauthorize this provision in the tax law on an annual basis. The Racehorse Tax Parity Act would reduce the holding period for equine assets to be considered long term capital gains, putting them on a level...