The Department of Treasury and Internal Revenue Service have all but enacted new rules on withholding and reporting of pari-mutuel winnings that experts believe will pump tens of millions of dollars back into pari-mutuel pools.
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.
Texas legislators need to legalize ADW and OTBs. read blog
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.
Tax court opinion will help owners who aren't living alongside their horses. read blog
Congressman Andy Barr (R-Kentucky) has introduced a measure that would make permanent the three-year depreciation schedule for all race horses that is scheduled to expire with the 2008 Farm Bill at the end of the year.
Senators voted 32-18 Monday to approve the bill that would allow Indiana's 10 riverboat casinos to move inland to adjacent property and permit live table games at the two horse track casinos.
If racetracks look like they don't care, why should the new fan? read blog
The solution is and has always been about building a better product to a new generation. Read Blog
The National Thoroughbred Racing Association and Fasig-Tipton Company, Inc., are hosting a free equine tax seminar in Saratoga Springs, N.Y., on Tuesday, Aug. 3, the second day of the Saratoga Selected Yearling sale.
There's a new president in town, and a Congress even more dominated by Democrats, but one of the nation's top lobbyists for equine interests said April 30 that the horse industry must be ever-diligent about protecting and advancing its positions in Washington, D.C.
The National Thoroughbred Racing Association will host a free equine tax seminar at the Keeneland sale pavilion Sept. 12, a dark day during the Keeneland September yearling sale.
- By Tom LaMarra
Legislation that would eliminate the automatic 25% federal withholding on pari-mutuel winnings of $5,000 or more on wagers of at least 300-1 was introduced in the U.S. House of Representatives July 29.
The National Thoroughbred Racing Association will host an equine tax seminar at Keeneland near Lexington April 7. Opportunities created by changes in the tax code will be the focus.
The new Economic Stimulus Act signed into law by President Bush on Feb. 13 should be an incentive for more investment in horses, according to the American Horse Council.
People who claim Thoroughbreds and Quarter Horses at any licensed racetrack in Louisiana are no longer required to pay a state sales tax under a new law, the Louisiana Horsemen's Benevolent and Protective Association has announced.
- By Esther Marr
A law that raises the deduction a landowner can take for donating a conservation easement was the subject of a press conference near Lexington.
The American Horse Council's "2006 Horse Owners and Breeders Tax Handbook" is now available.
Two Kentucky lawmakers have introduced legislation that would eliminate the sales tax on horses purchased in Kentucky.
The Hong Kong Jockey Club is negotiating with the government over the way racing wagers are taxed. The organization is confident a change from a per-bet tax to a flat tax on total handle could increase betting pools.
Recent changes in federal tax laws and their positive effects on Thoroughbred auctions has attracted the attention of the Wall Street Journal, which focuses on the horse industry in an article in the Wednesday, Nov. 19 edition.
The 2003 Tax Act, recently passed by Congress to stimulate the economy, has several very favorable provisions for the equine industry.
Ireland's tax exemption on stallion income remains unchanged, despite pressure from opposition parties.
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.
"Recognizing Oaklawn's significant contributions to tourism and retirement in Arkansas and an increased challenge to compete with race tracks in surrounding states," state senator Terry Smith (D-Hot Springs) filed a two-pronged pari-mutuel bill Thursday in an effort to protect Oaklawn's economic contributions to Arkansas. If passed, Senate Bill 602 would amend the state privilege tax rate on pari-mutuel wagering on horse racing, while also authorizing Oaklawn Park in Hot Springs and Southland Greyhound Park in West Memphis to conduct account wagering.
- 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.
British racing will gain a major funding boost if Chancellor of the Exchequer Gordon Brown announces a predicted reform of betting taxes in his March budget. Some estimate handle could double.
Most Popular Stories
- Classic Empire to Coolmore on Retirement
- Leslie's Lady in Foal to American Pharoah
- Curlin Colt Sets Midlantic Record at $1.5 Million
- Agent O'Neill Bullish on Stallion Orb
- What's Going On Here: The Pay Off
- McCraken Back on Work Tab After Derby Disappointment
- Thunder Snow, Churchill Face Off in Irish 2,000 Guineas
- Grade 1 Winner, Sire Devil His Due Dies at 28
- Orb Colt Lives Up to Buzz Selling For $710,000
- Cloud Computing Leaves Pimlico, Others Thinking Belmont