Nearly 12,000 comments have been submitted directly to the U.S. Treasury over a 90-day period in support of a measure seeking to modernize tax regulations relating to pari-mutuel wagering. The comment period started in March and concluded on June 2.
The proposed changes would clarify withholding and reporting rules by redefining the “amount wagered” to include all of a bettor’s investment into a single pari-mutuel pool, and not simply the base amount of the winning combination. Because of the wide scope of the economic benefits, support for the proposed modification came from all segments of the horse racing and breeding industry.
“We thank the thousands of individuals and dozens of organizations that took the time to submit a comment to the Treasury in support of this important effort,” said NTRA President and Chief Executive Officer Alex Waldrop.
The NTRA will continue to push for modernization of tax regulations in a variety of ways, including a request to appear before a June 17 hearing scheduled by Treasury and the Internal Revenue Service (IRS) to speak in support of our tax modernization effort.
Visit NTRA.com for more information on this issue and to follow its progress.