USDA Disaster Resources Available
In light of the recent surge in natural disasters, the National Thoroughbred Racing Association (NTRA) wants to remind its members about the important U.S. Department of Agriculture (USDA) programs that may provide relief to those affected by storms. Whether you’ve experienced feed loss, structural damage, or livestock losses, USDA offers programs that may help producers recover.
To explore which programs you may qualify for, we encourage you to use the disaster assistance discovery tool linked below. Additionally, if you are eligible, we strongly recommend contacting your local Farm Service Agency (FSA) to initiate the application process. If you’re unsure where your nearest FSA office is located, we’ve included a link below to assist you in finding it.
U.S. Department of Agriculture in Washington, DC
NTRA Sends Letter DHS and DOL Urging More H-2B Visas
The National Thoroughbred Racing Association (NTRA) has joined others in the H-2B Workforce Coalition in urging the Departments of Homeland Security and Labor to release supplemental H-2B visas for Fiscal Year 2025. These visas are critical to industries that rely on seasonal workers, including the Thoroughbred industry, where backstretch workers play an essential role. Without the dedicated labor force provided by H-2B workers, the Thoroughbred sport, like many others, would not survive.
Every H-2B worker supports over four U.S. jobs, illustrating the program’s role in sustaining the American workforce. By advocating for these visas, we are ensuring the survival of Thoroughbred racing, supporting both our industry and the broader U.S. economy.
Now, more than ever, we need the support of programs like H-2B to meet our seasonal labor needs and keep our sport thriving.
Read the full letter HERE.
NTRA Continues to Push for 100% Bonus Depreciation to Boost Equine Economy
The National Thoroughbred Racing Association (NTRA), as part of the Economic Investment Alliance, recently sent a letter to Republican tax teams in the House Ways and Means Committee, advocating for the restoration of 100% bonus depreciation in the 2025 tax package. This provision, which allows for immediate 100% deduction of qualified purchases, such as horses and machinery, is critical for maintaining a strong and competitive equine industry.
The letter emphasized that this tax policy is crucial for the overall economy, particularly for industries that rely on significant capital investments, such as horse racing. 100% bonus depreciation encourages reinvestment and growth, ensuring that the U.S. remains competitive on the global stage. Without action, the current 60% deduction level will decline to zero by 2027, threatening key sectors of the economy, including the Thoroughbred industry.
The NTRA is urging lawmakers to prioritize restoring 100% bonus depreciation, which has historically spurred job growth, increased wages, and provided stability during times of economic uncertainty. The equine economy, along with agriculture, transportation, and other key industries, stands to benefit greatly from this policy.
Read the full letter HERE.
2024 Election Outlook
The 2024 U.S. presidential election is shaping up to be one of the most extraordinary in recent history. It will decide the next President and impact the balance of power in Congress, crucial for policymaking.
The Senate is closely divided, with 48 Democrats, 49 Republicans, and 3 independents who caucus with the Democrats. With 34 Senate seats up for grabs, both parties face competitive races that could determine control of the chamber. In the House of Representatives, all 435 seats are up for election, and the balance of power could shift if Democrats can flip at least five seats, with 52 districts considered highly competitive.
Adding to this dynamic, a record number of Congressional retirements will bring fresh leadership to several key committees. New chairs are expected in influential committees like the House Energy and Commerce Committee, which oversees the Horse Racing Integrity and Safety Authority, and the House Ways and Means Committee, responsible for tax policy critical to many sectors, including equine interests. The Senate Agriculture Committee, overseeing the U.S. Department of Agriculture and its policies affecting the equine industry, will also experience changes in leadership.
It’s for these reasons why the NTRA’s presence in Washington, D.C. is so essential. With a wave of new members of Congress and changes in leadership positions, no matter which party holds the majority, we will swiftly begin educating these lawmakers on the key issues affecting our sport. You can look forward to a comprehensive election recap in the November edition of What’s Racing Through Washington, along with insights into what the results mean for the future of our industry.