From NTRA WASHINGTON, D.C. (June 13, 2015) — Alex Waldrop, President and Chief Executive Officer of the National Thoroughbred Racing Association (NTRA), is scheduled to appear before a June 17 Hearing conducted by the United States Treasury Department and the Internal Revenue Service to address proposed changes to regulations related to withholding and reporting of winning pari-mutuel wagers. Waldrop’s appearance on behalf of NTRA members and the Thoroughbred racing industry is part of the NTRA’s on-going effort to modernize current IRS regulations relating to withholding and reporting. The NTRA’s proposed changes would clarify withholding and reporting rules by redefining the “amount of the wager” to include all of a bettor’s investment into a single pari-mutuel pool, and not simply the base amount of the winning combination. The NTRA’s proposed modernization would directly benefit pari-mutuel customers by reducing burdensome tax obligations while also lessening racing’s competitive disadvantage against other forms of gaming that are not subject to the same aggressive tax treatment. The hearing follows the June 2 conclusion of a... ...
Read More →