Keyword: tax

  • Keeping Pace by Frank Angst

    NTRA Staying Busy in Washington

    While the Triple Crown races are approaching beginning with the Kentucky Derby Presented by Yum! Brands (G1), the NTRA continues a busy stretch in Washington putting the industry's message forward on immigration and tax issues.

  • Dozen Congress Members Support IRS Reporting Changes

    Twelve members of Congress have signed a letter delivered to the Department of Treasury requesting recently proposed IRS regulations relating to the way pari-mutuel winnings are calculated for tax withholding and reporting purposes be finalized.

  • Bill Introduced to Eliminate Withholding Tax

    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.

  • Senate Passes Tax Bill Favorable to Horse Industry

    The U.S. Senate passed an international tax bill that includes two provisions that are favorable for the horse industry. The first is the clarification that the 30% alien withholding provision does not apply to nonresident aliens wagering in foreign countries; the second is a reduction in the holding period for horses to qualify for capitol gains treatment from 24 months to 12 months.

  • Illinois Tax to Benefit Equine Research, Education

    Illinois horse owners polled in a statewide referendum Oct. 7 approved an innovative new program that establishes a tax on horse feed products to benefit equine research and education in the state.

  • Cal. Breeding Tax Break Goes to Governor

    A bill that would exempt Thoroughbred breeding stock from California sales and use taxes has passed both houses of the state legislature and has gone to Gov. Gray Davis for signing.

  • Ray Paulick<br>Editor in Chief

    A Taxing Year Ahead

    <i>By Ray Paulick</i> -- People in the Thoroughbred industry might see some similarities between 1986 and 2001. And for that reason, they've got a right to be a little nervous about things.

  • Ray Paulick&lt;br&gt;Editor in Chief

    The Task at Hand

    <i>By Ray Paulick</i> -- From New York to California and most places in between, state governments -- with few exceptions -- have not been very good friends or partners to racing.