Governor Signs Breeding Stock Tax Exemption Bill
SACRAMENTO, Calif. (Aug. 7, 2001) - Gov. Gray Davis Tuesday signed into law a bill that will provide tax relief to California thoroughbred breeders.
AB 426 provides relief on the five percent state portion of use and sales tax on race horse breeding stock and various agricultural products and goes into effect Sept. 1, 2001. However, the Franchise Tax Board can request a one-month extension if necessary for implementation.
John Harris, California Thoroughbred Breeders Association Legislative Committee Chair and owner of Harris Farms, introduced the governor at the bill signing.