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Tax bill passes House - Harness Racing
https://www.harnessracing.com/news/taxbillpasseshouse.html
The American Horse Council has issued a release stating that the U.S. House or Representatives, on Thursday (June 17), passed its version of the international tax bill, the American Jobs Creation Act of 2004 (H.R. 4520). Unlike the Senate-passed international tax bill,
Death, taxes, and Marion Marauder - Harness Racing
https://www.harnessracing.com/news/main/death-taxes-and-marion-marauder-8-7-2020
To the list of certainties in this world, such as death and taxes, add Marion Marauder racing at the Meadowlands on Hambletonian Day. Marion Marauder, a multiple Dan Patch Award-winner, makes his fifth consecutive Hambletonian Day appearance at The Big M on Saturday when he races in the $291,350 John Cashman Memorial for older trotters. The 7 ...
High tax rate for Fla. slots - Harness Racing
https://www.harnessracing.com/news/hightaxrateforflaslots.html
Florida legislators passed a bill putting a 50 percent tax on slots revenues Thursday, prompting Pompano Park's management, as well as management at other Broward County pari-mutuel facilities, to say a high tax rate on slots will force them to change their plans.
New bill on Tax Investment for race horse industry - Harnesslink
https://harnesslink.com/usa/hr-5833-press-release/
As in the successful enactment of the Horseracing Integrity and Safety Act in December 2020 which will improve racing ethics and safety, these tax law changes are intended to further enhance investment outcomes in horse racing. Both amended provisions have an effective date of after December 31, 2021. Excerpt from H.R. 5833 is as follows: SEC. 2.
Horse racing tax - Ohio
https://tax.ohio.gov/static/communications/publications/horse_racing_tax.pdf
Horse racing tax First $200,000 Horse Racing Tax O hio’s horse racing tax applies to both pari-mutuel and “exotic” wagering. During fiscal year 2009, the tax generated close to $9.4 million in revenue (on $310.6 million in wagers) for horse racing development, the state Passport program for senior citizens, and for other purposes.
Horse Racing Tax Rules Updated by US Treasury & IRS
https://www.offtrackbetting.com/horse_betting_news/horse-racing-tax-rules-updated-by-us-treasury-irs.html
Now, a $100 Pick 6 wager will only have taxes withheld if the winning payout is over $30,000. "This is a major victory for all pari-mutuel wagering customers," said Judy Wagner, the Horseplayers' Representative on the NTRA Board of Directors and winner of the 2001 National Horseplayers Championship (NHC).
Taxes and Wagering - TwinSpires Horse Racing | Bet Online with …
https://www.twinspires.com/taxes-and-wagering
If you win and the bet returns $5,005 you will not receive a W2G or be subject to automatic withholding because 5,005 is not 300x more than 120. Under the old regulations, you’d have received a W2G and had taxes withheld from your account automatically because $5,005 if more than 300x the $1 superfecta that hit.
Stallion Tax rumours quashed - Harnesslink
https://harnesslink.com/australia/stallion-tax-rumours-quashed/
On April 16, 2021, HRA put forward a proposal to the industry of a stallion levy that would raise funds to “promote, improve and support the harness racing industry”. A 15 per cent tax was proposed on the advertised service fee of shuttle and internationally domiciled stallions (transported and frozen semen) to raise these funds.
Horse Hobby - IRS Guidelines - Allen Financial Group
https://www.eqgroup.com/Library/irs1/
The degree of personal pleasure or recreation you derive from owning horses and the fact that the losses from your horses create substantial tax benefits will be taken into consideration in weighing this factor. Some IRS agents seem to place considerable emphasis on this factor.
Master Your Money | Sapling
https://www.sapling.com/7879552/auto-racing-tax-deductions
commonly incurred deductions related to operating an auto racing business may include expenditures for supplies (gas, oil, tires and other spare parts), travel (airfare, lodging and meals), entrance fees, licensing, repairs, uniforms, research and development, merchandising production, advertising, administrative overhead and employee salaries, …
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