A hearing on the Horseracing Integrity Act showed little industry agreement on the bill — but unanimity that the industry must act on equine safety.
The House of Representatives voted this week to extend the 3-year depreciation for racehorses for tax purposes; it now goes to the Senate.
Reps. Andy Barr and Paul Tonko reintroduced the Horseracing Integrity Act today – a Congressional bill that may gain momentum in the wake of 22 equine fatalities at Santa Anita.
The Thoroughbred industry has sought H-2B visa relief, which would allow more foreign temporary workers in the country.
The so-called Horseracing Integrity Act would create a national authority to oversee horse racing’s medication rules and testing and prohibit raceday medications.
Under the proposed new regs, supported by 12 members of Congress, Treasury would alter the way it calculates parimutuel winnings to a more bettor-friendly model.
The H-2B visa returning worker exemption is critical to the racing and breeding industries.
The House Appropriations Committee today urged the IRS to “expedite final consideration” of a rule to modernize how parimutuel winnings are taxed.
Yesterday’s Horse Caucus hearing revealed that even in Congress people who agree with each other tend to agree with each other, and also that racing continues to work at cross-purposes.
The Treasury Department will consider a proposal, spearheaded by the NTRA, to clarify tax regulations in a way that would benefit horseplayers.