Taxes

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Hickey: Industry Must Be Diligent in D.C.

There's a new president in town, and a Congress even more dominated by Democrats, but one of the nation's top lobbyists for equine interests said April 30 that the horse industry must be ever-diligent about protecting and advancing its positions in Washington, D.C.

NTRA to Host Tax Seminar at Keeneland

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NTRA to Host Tax Seminar at Keeneland

The National Thoroughbred Racing Association will host a free equine tax seminar at the Keeneland sale pavilion Sept. 12, a dark day during the Keeneland September yearling sale.

Bill to Bag Withholding Tax Introduced

Legislation that would eliminate the automatic 25% federal withholding on pari-mutuel winnings of $5,000 or more on wagers of at least 300-1 was introduced in the U.S. House of Representatives July 29.

State Sales Tax on Claims Dropped in Louisiana

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People who claim Thoroughbreds and Quarter Horses at any licensed racetrack in Louisiana are no longer required to pay a state sales tax under a new law, the Louisiana Horsemen's Benevolent and Protective Association has announced.

Appreciating Depreciation

By Robert R. Hill -- On March 9, President Bush signed the Job Creation and Worker Assistance Act of 2002, which was a real income tax benefit for U.S. businesses. Fortunately, this tax act is also a significant boon to the horse industry, benefiting both racing and breeding operations.

Account Wagering, Tax Reduction Bill Introduced in Arkansas

"Recognizing Oaklawn's significant contributions to tourism and retirement in Arkansas and an increased challenge to compete with race tracks in surrounding states," state senator Terry Smith (D-Hot Springs) filed a two-pronged pari-mutuel bill Thursday in an effort to protect Oaklawn's economic contributions to Arkansas. If passed, Senate Bill 602 would amend the state privilege tax rate on pari-mutuel wagering on horse racing, while also authorizing Oaklawn Park in Hot Springs and Southland Greyhound Park in West Memphis to conduct account wagering.

A Taxing Year Ahead

By Ray Paulick -- People in the Thoroughbred industry might see some similarities between 1986 and 2001. And for that reason, they've got a right to be a little nervous about things.

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