Contributions by owners and breeders to The Jockey Club’s retirement checkoff program in support of Thoroughbred aftercare now qualify as charitable contributions for federal income tax purposes.
The retirement checkoff program was implemented in 2009 with proceeds benefiting the retirement, retraining, and adoption efforts of Thoroughbred Charities of America and the Thoroughbred Retirement Foundation. Proceeds are directed to TCA’s Thoroughbred re-training and adoption initiatives and to TRF’s vocational training programs with retired Thoroughbreds at correctional facilities.
Until now, those contributions did not qualify as charitable contributions for federal income tax purposes.
“By making checkoff contributions at the time of foal registration tax deductible, we are giving owners and breeders yet another good reason to support these important Thoroughbred charities,” Jockey Club president and chief operating officer James Gagliano said in a July 11 statement.
The retirement checkoff program is administered by The Jockey Club. Thoroughbred owners and breeders have the option of selecting one of four graduated amounts--$25, $50, $75, or $100--to be designated for the aftercare programs, or they can fill in the amount of their choice on the application for foal registration.
The Jockey Club said donors can direct their contributions toward one or both of the aftercare organizations and will receive written receipts acknowledging their tax deductible contributions from the organization receiving the donations.
The Jockey Club, through its commercial subsidiaries, has supplemented checkoff contributions with an annual donation of $100,000 to each organization and, with its donations in 2011, will have contributed $300,000 to each.