Treasury Reviewing Proposal on Tax Code Changes

From NTRA
WASHINGTON, D.C. (Aug. 7, 2014) -- The U.S. Department of Treasury has formally acknowledged receipt of 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 response from the Treasury Department states that the Treasury and the Internal Revenue Service will take the recommendations into consideration.

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.

“On behalf of all of racing’s stakeholders, I’d like to thank the Treasury for considering these important clarifications, which have attracted bipartisan support from congressmen in the states with the largest racing industries,” said NTRA President and CEO Alex Waldrop.

The letter, initially delivered to the Treasury in June, was co-authored by Rep. Charles Boustany (R-LA) and Rep. John Yarmuth (D-KY). A copy of the full Boustany-Yarmuth letter can be accessed here.

Those interested in learning more about this and other legislative matters that impact the industry are invited to an NTRA legislative briefing on Thursday, August 7 at 6 p.m. in the Man o’ War restaurant at the Fasig-Tipton sales pavilion in Saratoga Springs, NY. Please RSVP to Barbara Fossum at bfossum@ntra.com.