From a National Thoroughbred Racing Association release
The United States Department of the Treasury has formally acknowledged that it is considering the request made in a bipartisan letter from 17 members of Congress urging updates to the tax code that would clarify the way pari-mutuel winnings are reported, the National Thoroughbred Racing Association (NTRA) announced today. The response from the Treasury Department states that the Treasury and the Internal Revenue Service will take the recommendations into consideration.
The proposed change has to do with the reporting and withholding of “wagering proceeds.” The members of Congress propose a change that would benefit exotic bettors and simplify record-keeping.
The effort has been spearheaded by the NTRA. More than 7,500 citizens signed a Change.org petition in support of the clarification within its first two months. The petition is available online here: http://chn.ge/RXZ6DW.
“On behalf of all of racing’s stakeholders, I’d like to thank the Treasury for acknowledging receipt of our request, which has attracted bipartisan support from congressmen in the states with the largest racing industries,” said NTRA President and CEO Alex Waldrop. “The additional overwhelming support we have seen from tracks, horsemen and fans is reflective of the positive economic impact these simple changes would have on all segments of the racing industry.”
The letter, initially delivered to the Treasury in June, was co-authored by Rep. Charles Boustany (R-LA) and Rep. John Yarmuth (D-KY). The additional signatories are Rep. Andy Barr (R-KY), Rep. Chris Gibson (R-NY), Rep. Tim Griffin (R-AR), Rep. Brett Guthrie (R-KY), Rep. David Jolly (R-FL), Rep. Rich Nugent (R-FL), Rep. Devin Nunes (R-CA), Rep. Frank Pallone (D-NJ), Rep. Bill Pascrell Jr. (D-NJ), Rep. Tom Reed (R-NY), Rep. Hal Rogers (R-KY), Rep. Tom Rooney (R-FL), Rep. Mike Thompson (D-CA), Rep. Paul Tonko (D-NY) and Rep. Todd Young (R-IN).
The implications of the proposed changes are among the topics to be discussed by Waldrop and NTRA lobbyist Greg Means of the Alpine Group during Thursday’s legislative briefing at 6 p.m. in the Man o’ War restaurant at the Fasig-Tipton sales pavilion in Saratoga Springs, N.Y. The event is open to industry stakeholders and other interested parties. Admission is free but space is limited and reservations are encouraged. Please RSVP to Barbara Fossum at [email protected] or (610) 322-7125.
A copy of the full Boustany-Yarmuth letter can be accessed here:
http://www.ntra.com/media/8811682/Treasury%20PariMutuel_6%2014.pdf.
