Federal legislation that would regulate online poker and games of skill protects pari-mutuel horse racing under the Interstate Horseracing Act and includes various tax breaks sought by the racing industry, the National Thoroughbred Racing Association said Aug. 7.
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.
Woodbine Entertainment Group, owner of Canada's largest racetrack, has filed applications that would allow its customers to place wagers directly into common pools at two tracks in the United States--The Meadowlands in New Jersey, and Calder Race Course in Florida. Similar applications for New York and California are slated to follow, said Steve Mitchell, WEG senior vice president and chief financial officer.
The Foreign Sales Corporation bill, which includes a provision to strike the 30% withholding tax charged to foreigners for winnings on United States races, was signed into law Oct. 22 by President Bush.
A measure that would repeal the 30% alien withholding tax and allow the pari-mutuel industry to further export racing to foreign markets was approved by the U.S. Senate Monday, Oct. 11.
Stevenson and Associates is in the process of lining up potential investors for SimulTech, a company formed to operate an offshore wagering hub that would accept bets on United States racing from foreign countries.
The United States House of Representatives June 17 passed the American Jobs Creation Act of 2004, another step toward possible repeal of the 30% withholding tax on pari-mutuel winnings by foreign bettors on U.S. races.
A major corporate tax bill under consideration in the United States Senate includes a few provisions for the pari-mutuel industry, including elimination of the 30% withholding tax on bets made by foreigners.
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.
A major hurdle blocking the potential growth of international simulcasting was cleared on Thursday night when the U.S. Senate Finance Committee approved by a 12-9 vote a major tax-cut bill that includes a provision eliminating a burdensome 30% withholding tax on winning pari-mutuel wagers placed by foreigners through U.S. pools.
A provision to eliminate the 30% withholding tax on foreigners who wager on pari-mutuel racing in the United States is part of a broad military tax-break bill scheduled to be addressed March 6 by the U.S. House of Representatives.
A proposal to lift a 30% withholding tax on successful wagers made on races in the United States by foreign bettors has received broad support, but probably won't become law until next year.
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