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New Tax Law offers large incentives! Read more…

Friday, February 11th, 2011

Congress Passes Tax Extensions and Other Benefits Affecting the Horse Industry

Friday, 17 December 2010 16:58
American Horse Council
Your Unified Voice in WashingtonCongress has passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.  President Obama signed the $858 billion package into law almost immediately.  The Senate passed the bill on December 15 on a vote of 81 to 19.  The House followed on December 16, 277 to 148, with 112 Democrats and 36 Republicans voting no. Passage of the legislation avoids tax increases, scheduled to go into effect automatically on January 1, 2011, on everyone’s individual income, capital gains, and dividend income and on estates.  The bill also includes other tax benefits for the horse industry supported by the American Horse Council.After a bit of brinksmanship over extending the Bush-era tax cuts following the November elections, President Obama and Republican leadership sat down and hammered out the legislation.  There was some opposition in the House to extending the cuts for those making more than $250,000 a year and exempting estates valued at up to $5 million from the estate tax, but it was not strong enough to allow a tax increase on all Americans to go into effect on January 1.

Tax Rates
Under the legislation, individual income tax rates will remain at current levels for two more years, through 2012.  The marginal rates will stay at 10% to 35% depending on one’s income bracket.  The rate structure is indexed for inflation.  Had the bill not been passed and the current rates allowed to lapse, tax rates would have risen about 4% for each bracket.   

The tax rate on capital gains will remain at 15% for another two years, rather than rising to 20%.

The tax rate on dividends will remain at 15% for another two years, rather than being taxed at the same rate as a taxpayer’s ordinary income, which could be as high as 35%.

Payroll taxes for all workers will be reduced 2% from 6.2% to 4.2% for 2011 on wages up to $106,800.  This will put up to $2,136 extra in the pocket of every U.S. worker.  

Estate Tax Rate and Exemption
Effective January 1, 2011, the top estate tax rate will be 35% with an exemption of $5 million for individuals and $10 million for married couples through 2012.  This means that only estates valued at over $5 million ($10 million for married couples) will be subject to the tax.

Expensing Allowance Increased to 100%
Under current law, anyone who purchases a horse or other property for his horse business and places it in service in 2010 can deduct up to $500,000 of the cost.  This applies to horses, farm equipment and other depreciable property used in a business.  This limit will be eliminated for 2011 allowing horse owners and other horse businesses to write off the entire cost of most capital assets when purchased and placed in service.  This provision is retroactive and will benefit any business involved in the horse industry that purchases and places depreciable property in service after September 8, 2010 and through 2011.   

Contribution of Property for Conservation Purposes
Owners of horse farms and ranches are interested in the tax benefits available to those who contribute property for conservation purposes.  Conservation easements are one way that owners can keep their property available for farming, rather than selling it for commercial purposes, while getting a tax benefit.  Under legislation passed a number of years ago, a landowner with 50% of more of his/her income from agriculture could get a deduction for the contribution of a conservation easement up to his/her full income, with any unused amount carried forward for 15 years.  This provision had expired and the deduction was limited to 30% of income.

The tax bill reinstated the conservation easement benefit for two years, through 2012, for contributions made in taxable years after December 31, 2009.

Be sure to check the American Horse Council website for more benefits to the Horse Industry

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The Minstril Leaves Paradise Arabians

Wednesday, September 1st, 2010

The Minstril has moved on to Greener Pastures!
(1984-2010)

The Minstril (Ruminaja Ali x *Bahila)
Paradise Arabians Ltd.  owner Gary Kenworthy shares:

 

 It is with a very heavy heart that we must inform the world that an icon has died. On Friday, August 27, 2010, The Minstril (Ruminaja Ali x *Bahila) left this world.  At the time of his passing, he was the second-leading living sire of Egyptian Arabian horses in the world, only beaten out by his son, Thee Desperado (x AK Amiri Asmarr). An Arabian Horse World Legacy Sire, he was known for producing champion halter and performance winners around the world. The Minstril’s legacy will live on for generations to come.

 His human family remembers him fondly. Longtime owner Judy Sirbasku shared, “Owning The Minstril when he and his son, Thee Desperado, went Top Ten at both the Canadian and U.S. Nationals is something I will always cherish,’ Judy says. “The Minstril blessed us with Thee Desperado and many special mares–for this we will always be grateful.” Former groom and trainer Shawn Crews adds, “I had the pleasure of qualifying him for his National competition, and he was a natural. Just when you thought he had given you all he had, he would give even more–even better.” Breeder and former owner David Gardner shares, “My wife Marion and I experienced the passing of The Minstril with deep emotions–an equal mixture of sadness and fond memories. He was a major influence in the renaissance of beautiful, elegant Arabian horses in the image of Abbas Pasha. A note of thanks to Shawn Crews for her personal love for The Minstril, and to Judy Sirbasku and the Kenworthys for their respectful care of The Minstril.”

 We are honored to have been a part of The Minstril’s journey. In May, he was the featured horse at our annual May Day event, and many people traveled from around the country to meet him for the first time or to reconnect with him. He pranced proudly as the music played and he entered the arena to cheers and applause. When people posed for photos with him, he raised his regal head and even squealed as if to say, “Don’t forget who you have the privilege of standing next to! I am ALLOWING you to be in my royal presence.” He was “king” in the barn and thoroughly enjoyed his hand walks in the pasture to survey what he had produced; his “family,” which includes the very first Arabian we ever bought, his beautiful black daughter Alia Riyala (x Aliala).

Early on August 27, he was down and had no interest in getting up.  When I went into his stall to check on him, I patted him on the neck, he raised his head to look at me, acknowledged my presence and then, as if to say “Thank you; I’m ready,” he laid his head back down in the straw and closed his eye. I think he was telling me that he was done.

He had fought the good fight with that leg he had broken nearly 10 years ago, but the arthritis had finally taken its toll.  Having to rely too much on his good leg eventually resulted in the inevitable.

At the age of 26, he was done. In spite of his body giving out on him, his spirit and attitude belied any pain he may have been suffering. I think he was happy that he got to spend his last days at Paradise.  We are certainly happy to have had him here. All the staff is deeply saddened as they had come to love him, as have I for these many years.  They called him “Grandpa” and we all loved his zest for life, right up to the end.

A permanent marker will be placed near his grave in his honor and anyone wishing to pay homage to him may do so. He will be missed. It was a sad day at Paradise, and I’m sure Egyptian breeders all around the world grieve with us.  Goodbye old friend.  We all owe you a great debt and you will live in our hearts forever!

Our Stallions:       The Singleton                Scapa

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