Keyword: withholding tax

  • Lawmakers Back Change in Withholding Taxes

    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.

  • Online Gambling Bill Has Racing Provisions

    Federal legislation that would regulate online poker and games of skill protects pari-mutuel horse racing under the Interstate Horseracing Act and includes various tax breaks sought by the racing industry, the National Thoroughbred Racing Association said Aug. 7.

  • Bill to Bag Withholding Tax Introduced

    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.

  • Woodbine Looks To Commingle With U.S. Pools

    Woodbine Entertainment Group, owner of Canada's largest racetrack, has filed applications that would allow its customers to place wagers directly into common pools at two tracks in the United States--The Meadowlands in New Jersey, and Calder Race Course in Florida. Similar applications for New York and California are slated to follow, said Steve Mitchell, WEG senior vice president and chief financial officer.

  • Elimination of Withholding Tax Becomes Law

    The Foreign Sales Corporation bill, which includes a provision to strike the 30% withholding tax charged to foreigners for winnings on United States races, was signed into law Oct. 22 by President Bush.

  • Hub Plan Delayed; Seach for Investors Continues

    Stevenson and Associates is in the process of lining up potential investors for SimulTech, a company formed to operate an offshore wagering hub that would accept bets on United States racing from foreign countries.

  • 30% Foreign Betting Tax Moves Closer to Elimination

    A major hurdle blocking the potential growth of international simulcasting was cleared on Thursday night when the U.S. Senate Finance Committee approved by a 12-9 vote a major tax-cut bill that includes a provision eliminating a burdensome 30% withholding tax on winning pari-mutuel wagers placed by foreigners through U.S. pools.

  • NTRA commissioner Tim Smith.

    House Bill Calls for Elimination of Withholding Tax

    A provision to eliminate the 30% withholding tax on foreigners who wager on pari-mutuel racing in the United States is part of a broad military tax-break bill scheduled to be addressed March 6 by the U.S. House of Representatives.