The main purpose of this legislation is to change how race horses are treated for tax purposes. Specifically, it aims to allow individuals and businesses that own race horses to recover their costs over a shorter period of three years instead of the longer time frame that is typically required for other types of property. This change is intended to provide financial relief and encourage investment in the horse racing industry. The key provision of this legislation is the amendment to the Internal Revenue Code, which allows for a three-year recovery period for all race horses.