An upstate New York harness racetrack, struggling to compete with added casino gambling in the region, is scuttling plans to open for another racing season April 21.
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.
If the recommendations are put in place, thresholds for reporting and withholding purposes on many winning exotic bet pari-mutuel wagers would be increased.
Industry efforts to change how threshold levels for tax reporting and withholding on winning pari-mutuel wagers are defined continues to pick up momentum in Washington, D.C.
The National Thoroughbred Racing Association continues to move forward on work to reform tax rules on withholding and reporting with respect to pari-mutuel winnings and is calling for industry support of these efforts.
The American Horse Council reported more than 60 tax provisions expired; some applied to all businesses, including the horse industry, and one was specifically applicable to owners of racehorses.
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.
- By Ryan Conley
Fraud prevention and tax planning was the focus of a series of seminars held in Lexington, Ky., Sept. 12.
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 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.
The 2003 Tax Act, recently passed by Congress to stimulate the economy, has several very favorable provisions for the equine industry.
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.
- By Ray Paulick
By Ray Paulick -- 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.
- By Ray Paulick
By Ray Paulick -- 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.
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