Comments to Treasury Jump as Deadline Nears

Blood-Horse

Industry participation in the effort to win pari-mutuel tax withholding modernization has helped push the number of comments submitted to the federal government to about 9,500 as of May 26, the National Thoroughbred Racing Association said.

Only a week ago less than 2,500 comments had been submitted, NTRA chief operating officer Keith Chamblin said. The number of comments, as well as the quality of comments, can impact the decision of the United States Department of Treasury, which is taking the comments, Chamblin said.

The deadline for comments is June 2.

“All segments of the industry have mobilized behind the effort to modernize the way the Treasury calculates taxes relating to pari-mutuel winnings,” Chamblin said. “We urge individuals who have not done so already to submit a comment directly to the Treasury through an easy, two-step process at NTRA.com.

“Time is running short and we need to send a resounding message that all segments of the industry, as well as state and federal government, will benefit from this proposed change.”

During the holiday weekend of May 23-25, some racetracks were using their simulcast feeds to urge patrons to contact the Treasury Department. Industry websites and social media programs also have been pushing the issue.

The proposed changes would modernize withholding and reporting rules by redefining the amount wagered 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 said the proposed tax update would eliminate burdensome and unnecessary paperwork and generate addition pari-mutuel handle through churn, which will benefit owners, trainers, jockeys, tracks, horseplayers, and federal and state governments.

Comments can be submitted at via NTRA.com/IRScomment.