LEXINGTON, Ky. (Tuesday, May 26, 2015) – The Thoroughbred racing industry is rallying around a proposal to modernize regulations relating to the taxing of pari-mutuel winnings, one week prior to the U.S. Treasury’s June 2 deadline for public comment.
The proposed changes would modernize 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. The proposed update would not only eliminate burdensome and unnecessary paperwork but also generate millions of dollars in additional handle which will benefit owners, trainers, jockeys, tracks, horseplayers and even federal and state governments.
Because of the wide scope of the economic benefits, support for the proposed modification has poured in from all segments of the horse racing and breeding industry. But more support is needed. Individuals and organizations are urged to submit comments to Treasury via a two-step form at NTRA.com/IRScomment.
“Time is running short for individuals to convey a message to the Treasury that these proposed changes matter,” said NTRA president and CEO Alex Waldrop. “The industry has made a strong case to the Treasury that the time for tax modernization is now, but they need to hear from as many individuals and organizations as possible.”
To learn more about the effort to clarify pari-mutuel withholding and reporting, visit the comprehensive Background page on the NTRA website at /en/legislative/background-on-effort-to-clarify-pari-mutuel-withholding-and-reporting. Resources on that page include links to articles and editorials penned by Steven Crist of the Daily Racing Form, Andrew Beyer of the Washington Post and 2001 Horseplayer of the Year, Judy Wagner, as well as the full text of the NTRA’s official nine-page response to Treasury.
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).