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 more at odds of 300-1.According [...]
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 full term in the House [...]
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 mandate was to go into [...]
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 and most other depreciable property [...]
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 development of the 2008 Farm [...]
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 jurisdiction over raising revenue to [...]