The 2003 Tax Act, recently passed by Congress to stimulate the economy, has several very favorable provisions for the equine industry.
Congress passed a $350-billion tax cut measure on May 23, but the bill did not include a clause eliminating an existing 30% withholding tax on winning pari-mutuel wagers placed by foreigners through U.S. betting pools.
The U.S. Senate Thursday passed a $350-billion tax-cut bill that includes a provision to remove the 30% withholding tax on winning pari-mutuel wagers placed by foreigners through U.S. pools.
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