The United States Senate Finance Committee completed its work on a tax extender bill in a July 21 markup session and approved the resulting document by a 23-3 vote, the National Thoroughbred Racing Association reported.
The United States Senate voted June 26 to revive broad legislation to overhaul the country's immigration system. The measure was thought to be dead earlier in the month.
The U.S. Senate passed an international tax bill that includes two provisions that are favorable for the horse industry. The first is the clarification that the 30% alien withholding provision does not apply to nonresident aliens wagering in foreign countries; the second is a reduction in the holding period for horses to qualify for capitol gains treatment from 24 months to 12 months.
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