United States Representative Andy Barr of Kentucky has reintroduced two bills that would amend the Internal Revenue Code of 1986 to benefit racehorse owners.
The United States Department of Treasury and Internal Revenue Service were told June 17 that current regulations related to the tax withholding and reporting of pari-mutuel winnings are "unfair and totally burdensome."
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.
After a slow start that required a push for broad industry participation, the NTRA June 3 said more than 11,600 comments were submitted to the United States Department of Treasury on wagering tax changes.
Two federal agencies have issued a notice that opens the door to the possible addition of pari-mutuel gambling winnings to updated reporting and withholding requirements being developed for bingo, keno, and slot machines.
The NTRA said June 3 members of Congress have asked the U.S. Department of Treasury to clarify regulations on the taxing of pari-mutuel wagers. The trade organization also is asking bettors to support an online petition.
The Oak Tree Racing Association and MI Developments have reached an agreement that will allow Santa Anita Park to run the traditional fall stakes program in Southern California in 2011.
- By Tom LaMarra
The Equine Equity Act, which reduces the capital gains holding period for horses and shortens the depreciation schedule for racehorses, is part of the 2007 Farm Bill and could be approved by the United States Senate in a few days.
- By Ryan Conley
The recent filing for bankruptcy protection by ClassicStar LLC will streamline claims against the one-time broodmare lease operator, an attorney for the embattled entity says, but its effect on multiple legal actions already in the pipeline isn't exactly clear.
- By Ryan Conley
A federal judge has ordered ClassicStar and other defendants named in a multimillion-dollar lawsuit to produce certain documents by Jan. 26 or face the possibility of punitive measures.
- By Dan Liebman
A day after agents from the Internal Revenue Service were at ClassicStar Farm near Versailles, Ky., the horse operation is continuing, the farm manager said today.
The El Primero Fair Association backed by Cash, Marilyn, and Keith Asmussen and the Laredo National Bank has decided to withdraw its application to open a non-profit Class 3 racetrack near Laredo, Texas.
By Robert R. Hill -- On March 9, President Bush signed the Job Creation and Worker Assistance Act of 2002, which was a real income tax benefit for U.S. businesses. Fortunately, this tax act is also a significant boon to the horse industry, benefiting both racing and breeding operations.
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