NEWS

Bluegrass region named one of the most threatened sites in the world

A June 21, 2005, announcement by the World Monuments Fund (WMF) cited the inner Bluegrass region as "one of the world's most distinctive cultural and agricultural landscapes...Over the past decade, however, the Bluegrass region has been threatened by rapid development, primarily suburbanization...The result is a substantial loss of farmland, compromising sense of place, undermining traditional industries such as horse breeding, and endangering historic structures."

You can read the WMF report in its entirety here.

KENTUCKY SENATOR INTRODUCES LEGISLATION TO PROMOTE HORSE INDUSTRY - Reprinted with permission from Blood-Horse Publications from July 2005 Magazine

U.S. Senator Mitch McConnell introduced a bill Thursday (July 28) designed to promote investment in the horse industry by removing provisions of federal law that favor other investments. The Equine Equity Act of 2005 will reduce the capital gains holding period for horses, allow horse owners to depreciate all racehorses over the same period, and make horses eligible for federal disaster assistance.

"The horse industry is vital to Kentucky's economy and to the thousands of Kentuckians who participate in horse-related activities," said McConnell. "Horses are Kentucky's largest agricultural product. Our signature industry employs more than 50,000 Kentuckians and provides an annual economic impact of $3.5 billion to our Commonwealth."

The McConnell bill would:

  • Reduce the capital gains holding period for horses to 12 months, which is the case with most capital assets. Currently, horses must be held for two years to receive capital gains treatment.

  • Apply equal depreciation standards for all racehorses. Current law states that racehorses that begin training when older than 24 months of age are depreciated over three years, while those horses that begin training before reaching 24 months of age are depreciated over seven years. Most horses begin training before they reach 24 months, but their racing careers do not last seven years. The McConnell legislation would reduce the depreciation period to three years to more accurately reflect the racing life of horses.

  • Establish equity in eligibility for disaster assistance between horses and other livestock. Most livestock are eligible for federal disaster assistance during a drought, but horses are not. This legislation would make horses eligible for USDA disaster-assistance programs.

"There is no good reason why horses and their owners should not be eligible for the same disaster assistance as other livestock," said McConnell. "My legislation will remove the unfair tax burden on horses that discourage investment in the horse industry."

A recent study found that horse industry contributes approximately $39 billion in direct economic impacts to the U.S. economy each year. The industry sustains 1.4 million full-time jobs each year, with over 460,000 of those jobs created from direct spending within the industry.

The bill is co-sponsored by Senators Jim Bunning (R) and Blanche Lincoln (D-AR).

National Thoroughbred Racing Association (NTRA) Commissioner and CEO D.G. Van Clief, Jr., said, "This legislation is among the NTRA's highest priorities in Washington, D.C. We are grateful to Senators McConnell, Bunning and Lincoln for their support of our industry, and to the American Quarter Horse Association and the American Horse Council, among others, for their work in helping to achieve the introduction of this bill."


Legislative Proposals Threaten Private Land Conservation in Kentucky

On January 27, 2005, a report released by the Congressional Joint Committee on Taxation shocked the land conservation community by proposing major decreases in the federal tax deductions for conservation easements, or voluntary conservation agreements.

The Joint Committee has proposed that deductions for conservation easements be limited to 33% of appraised value, and that no deduction be allowed for the donation of an easement on land used for a personal residence. The proposal, if adopted, would end private land conservation as we know it.

Tax incentives for charitable land donations have led to the protection of more than 34 million acres of natural and rural areas, working family farms, ranches, and wildlife habitat throughout the United States. Here in the Bluegrass, these incentives have played a key role in preserving a number of our most beloved thoroughbred farms and thousands of acres of productive farmland.

We need all Bluegrass citizens to work together to protect Central Kentucky farmland.

How can you help?

  • Contact your U.S. Senator or Representative (click here to see letter sent by Bluegrass Conservancy)
  • Show your support for private land conservation by joining Bluegrass Conservancy today

Click here to view a copy of the OpEd piece published in the Lexington Herald-Leader entitled "Congress Should Support the Conservation of Kentucky's Natural Heritage", written by Helen C. Alexander, Chair, Board of Directors, Bluegrass conservancy, Inc.; Donald S. Dott, Jr., President, Kentucky Natural Land Trust; and Robert E. Kulp, Jr., President, Board of Trustees, River Fields, Inc.

Bluegrass Conservancy Newsletters

The Bluegrass Conservancy publishes a newsletter three to four times annually. To read the most recent issue, please click here. To view past newsletters and/or sign up to receive future issues, click here.