Proposal to modernize taxing of pari-mutuel winnings deadline approaching

Proposal to modernize taxing of pari-mutuel winnings

deadline approaching

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

www.NTRA.com/IRScomment.

"Time is running short for individuals to convey a message to the Treasury

that these proposed changes matter," NTRA president and CEO Alex Waldrop said.

"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

http://www.ntra.com/en/legislative/background-on-effort-to-clarify-pari-mutuel-withholding-and-reporting.

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