It won't be long before horseplayers experience simplified, fairer reporting and withholding on pari-mutuel proceeds. After months of advocacy, and with the help of thousands of horseplayers like you, we are nearing implementation of long-sought tax code changes to benefit horseplayers.
The changes that the U.S. Treasury Department and the Internal Revenue Service issued late last year came about with input from our players and mirrored almost exactly the recommendations made by the NTRA. See this Q&A with Steven Crist to learn about the changes and what they mean to you.
These new rules will positively affect every segment of horse racing, especially horseplayers, whose wagering dollars fuel the sport and its agri-industry. While we await implementation, NTRA continues to work with racetracks, tote companies, advance deposit wagering operators and other industry organizations to ensure a smooth rollout.
But we can't stop here. Modernizing the tax code--or any law or regulation--is a process, not a goal. We need your help to address new issues and more changes that impact our industry and horseplayers. Here is a short list of issues of concern to horseplayers:
Credit Card Barriers for ADW Deposits Horseplayers are experiencing more declined credit card transactions when seeking to deposit funds into their legal Advance Deposit Wagering (ADW) accounts. The NTRA legislative team has initiated a strategy to address this issue, with support from numerous allies on Capitol Hill.
Sports Betting The American Gaming Association (AGA) has reached out to the NTRA seeking our support of the AGA's effort to repeal the federal ban on sports betting that currently applies to all states but Nevada, Delaware, Oregon and Montana. This is a complicated issue, but the important thing is that as it unfolds, the NTRA has a prominent seat at the negotiating table and an active role in legislative advocacy.
Racehorse Depreciation Accelerated depreciation for racehorses has been on the books since 2008 but is threatened again. Simply put, it makes investment in racehorses more attractive to owners. An unfavorable tax environment means fewer owners, fewer horses and shorter fields--the bane of horseplayers. And to the nearly 4-in-10 horseplayers who also own racehorses, this one carries double meaning.
Tax Reform While something as complex as comprehensive tax reform will take time to work its way through the system, the NTRA has already begun working with allies and key officials on tax issues that affect our industry.
Horseplayers like you helped our industry secure a major success in Washington, D.C. last year. To keep the momentum going, we ask you to support Horse PAC(r), the NTRA's bi-partisan federal political action committee. Horse PAC(r) is racing's largest PAC and one of the most influential in the gaming industry. The PAC's sole purpose is to make political contributions to Members of Congress and Federal political parties who support the interests of Thoroughbred racing.
For your convenience, online contributions to Horse PAC(r) can be made by clicking HERE. The case-sensitive password to access the page is NTRAPAC.
With your help, our industry will be prepared to meet the challenges and take full advantage of the opportunities that lie ahead. Thank you in advance for your consideration.