Following targeted lobbying from the National Thoroughbred Racing
Association (NTRA), “Fiscal Cliff” legislation passed yesterday by both
the U.S. Senate and U.S. House of Representatives contained language in
Section 68 (c)(3) of the tax code that exempts wagering losses from
being subject to the newly enacted limitation on itemized deductions, as
previously reported by NTRA here.
“I salute our legislative team in Washington,” said Alex Waldrop,
President and CEO of the NTRA. “They not only identified this key issue
for members of Congress while various fiscal cliff proposals were in
their early stages, the team also proposed a solution that was
ultimately adopted. While the outcome of these latest negotiations can
be viewed as a victory for horseplayers, the issue of comprehensive tax
reform is expected to be taken up later this year. The NTRA will
continue to work closely on this issue and others affecting horseracing
and breeding.”
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