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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