From NTRA
WASHINGTON, D.C. (Feb. 5, 2015) – John Yarmuth’s third district includes the city of Louisville – home to Churchill Downs, host of the Kentucky Derby and Kentucky Oaks.
Experience: Rep. Yarmuth is serving his fifth term in the U.S. House of Representatives. He was first elected to office in 2007.
Impact on horse racing industry: Rep. Yarmuth has previously authored legislation to address IRS reporting and withholding requirements relative to winning pari-mutuel wagers that the industry has identified as outdated and inequitable when compared to the taxation of winnings for other forms of gambling.
In June of 2014, Rep. Yarmuth joined 16 other members of Congress in supporting a key initiative of the NTRA, a request that the IRS modernize the definition of the “cost of a wager” when determining whether a winning horseplayer is subject to IRS reporting and withholding. Last week, Rep. Yarmuth hosted a face-to-face meeting with the U.S. Department of Treasury to discuss strategies for addressing the industry’s concerns with current tax law. The January 28 meeting included Rep. Yarmuth, two horseplayers, a representative from Churchill Downs, Inc. and the NTRA. This goal is to secure a regulatory solution that eliminates the need for a legislative change.