Debt Crisis Plan Includes Major Tax Reform
NTRA is actively monitoring the steady stream of tax reform measures that have emerged as lawmakers work overtime to address the debt ceiling crisis. In the current environment, every provision [...]
Congress Targets Racehorse Depreciation
Talks on how to relieve the nation’s debt crisis through various tax measures have led some members of Congress to target the standard three-year depreciation schedule for racehorses – a [...]
U.S. GAO Report on Horse Welfare
The U.S. Government Accountability Office (GAO) recently issued its report on horse welfare issues since domestic slaughter ceased in 2007. Specifically, the GAO reported on how cessation has impacted the [...]
Internet Poker Bill Includes Language for Horse Racing
Rep. Joe Barton (R-TX) recently introduced the Internet Poker Act (H.R. 2366) to legalize Internet poker and establish a structure to license, regulate and tax potential operators. Language related to [...]
Winning Derby Bettors Give Up $1 Million in Automatic Withholding
Winning bettors paid some $1 million in federal taxes on their winnings on Kentucky Derby day. Under current law, bettors experience automatic federal withholding on pari-mutuel winnings of $5,000 or [...]
Featured Legislator: Ted Deutch
U.S. Representative Ted Deutch (D-FL) District: 19th in southeastern Florida – home to both the Palm Beach Downs and Palm Meadows Training Centers. Experience: Congressman Deutch was elected to his first [...]
Senate Passes 1099 Repeal, President Expected to Sign
On Tuesday, the Senate voted 87-12 on the House-passed repeal of the 1099 IRS tax form provision in the Patient Protection and Affordable Care Act (“Health Care Bill”). The paperwork [...]
Industry Investment Incentives
Congress passed legislation in 2010 that offers members of the Thoroughbred industry significant investment incentives for 2010 and 2011: Increased Bonus Depreciation 100% bonus depreciation in place Applies to horses, farm equipment [...]
New Congress Likely to Consider Next Farm Bill and Internet Gaming
Two important Congressional issues to monitor are development of the next Farm Bill and Internet gaming legislation. Rep. Collin Peterson (D-MN), former chairman and now ranking member of the Agriculture Committee, oversaw [...]
Ways and Means Committee Taking Shape
As the 112th Congress gets underway and Republicans take control of the House, leadership roles and membership in the powerful Ways and Means Committee have changed. Members in these coveted positions have [...]