Twelve members of Congress have signed a letter delivered to the Department of Treasury requesting recently proposed IRS regulations relating to the way pari-mutuel winnings are calculated for tax withholding and reporting purposes be finalized.
The Department of Treasury and Internal Revenue Service have all but enacted new rules on withholding and reporting of pari-mutuel winnings that experts believe will pump tens of millions of dollars back into pari-mutuel pools.
The Department of Treasury and Internal Revenue Service took a big step toward changing rules on withholding and reporting in respect to pari-mutuel winnings Dec. 29.
One of the highlights of the National Thoroughbred Racing Association annual report for fiscal year 2015-2016 is the feedback generated in its efforts to update rules on reporting and withholding of big pari-mutuel winning tickets.
If the recommendations are put in place, thresholds for reporting and withholding purposes on many winning exotic bet pari-mutuel wagers would be increased.
Industry efforts to change how threshold levels for tax reporting and withholding on winning pari-mutuel wagers are defined continues to pick up momentum in Washington, D.C.
A U.S. House of Representatives committee on June 9 encouraged the changes in language to tax laws that would allow winning players to hold on to more of their money.
Alex Waldrop, president and chief executive officer of the National Thoroughbred Racing Association, will address proposed changes to regulations on the taxing of pari-mutuel wagers at a June 17 hearing in Washington, D.C.
The National Thoroughbred Racing Association continues to move forward on work to reform tax rules on withholding and reporting with respect to pari-mutuel winnings and is calling for industry support of these efforts.
Unless horse racing first reaches industry consensus on medication reform, the National Thoroughbred Racing Association does not expect Congress to move forward on federal medication legislation.
A bill was introduced in the U.S. House of Representatives April 28 that would eliminate the automatic 25% federal withholding on pari-mutuel winnings of $5,000 or more for bets that carry odds of 300-1 or higher.
National Thoroughbred Racing Association officials met with President Bush's legislative team and key members of Congress the week of April 8 in an effort to promote legislation to eliminate the 30% withholding on foreign wagers into United States pari-mutuel pools.
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