Kentucky Governor Beshear Submits Second Letter to Treasury in Support of Modernizing Tax Rules for Pari-Mutuel Winnings

LEXINGTON, Ky. (Friday, May 8, 2015) – Governor Steve Beshear of Kentucky has submitted a second letter to the U.S. Department of Treasury in support of amending Treasury regulations regarding withholding and reporting of pari-mutuel winnings. The letter endorses the formal response submitted by the National Thoroughbred Racing Association (NTRA) last month on this issue and emphasizes the potential impact the recommended changes could have on the horse industry in Kentucky.

“I support this effort because such updated guidance is urgently needed to aid an industry of great importance to the economic well-being of the Commonwealth of Kentucky,” Beshear states.

Gov. Beshear enclosed the NTRA’s response with his letter and commends Treasury officials for meeting with Rep. John Yarmuth (D-KY), the NTRA and other industry representatives in January.

“There continues to be a bipartisan consensus on this issue, especially from elected officials representing areas where Thoroughbred racetracks and breeding farms flourish,” said NTRA President and CEO Alex Waldrop. “We thank Governor Beshear for consistently supporting the best interests of the horse industry.”

The NTRA has created an easy-to-use form that makes it easy for the public to submit an e-mail directly to the appropriate IRS and U.S. Treasury officials at www.ntra.com/IRScomment. Nearly 2,000 comments originating from all 50 states and the District of Columbia have already been submitted via NTRA.com.

A PDF of the full letter from Gov. Beshear to the U.S. Department of Treasury can be accessed online at /media/8961114/lew__secretary_jacob_j._-_pari-mutuel_betting_05.06.15.pdf.

The NTRA’s previously released formal response to an invitation by the Treasury and the Internal Revenue Service for public comment, which was attached to Gov. Beshear’s submission, can be found online: /media/8957297/letter_to_treasury_commenting_on_pari-mutuel_wagering_regulation_-_final.pdf.

To learn more about this issue, visit the Legislative section of NTRA.com at /legislative.

About the NTRA

The NTRA is a broad-based coalition of more than 100 horse racing interests and thousands of individual stakeholders consisting of horseplayers, racetrack operators, owners, breeders, trainers and affiliated horse racing associations, charged with increasing the popularity, welfare and integrity of Thoroughbred racing through consensus-based leadership, legislative advocacy, safety and integrity initiatives, fan engagement and corporate partner development. The NTRA owns and manages the NTRA Safety and Integrity Alliance; NTRA.com; the NTRA Top Thoroughbred and NTRA Top 3-Year-Old weekly media polls; the Eclipse Awards; the National Handicapping Championship; NTRA Advantage, a corporate partner sales and sponsorship program; and HORSE PAC, a federal political action committee. The NTRA has offices in Lexington, Ky., and New York City. NTRA press releases appear on NTRA.com, Twitter (@ntra) and Facebook (facebook.com/1NTRA).

2015-12-09T21:16:07+00:00 May 8th, 2015|Categories: Legislative Pari-Mutuel Wagering Tax, News & Media|
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