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AHC Update: AHC Comments on IRS Proposed Changes to Pari-Mutuel Wagering

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AHCThe following is an announcement from the American Horse Council.

Today, the AHC submitted comments in support of an Internal Revenue Service (IRS) proposed rule regarding withholding requirements on pari-mutuel winnings. The proposed rule would make changes to withholding requirements that more accurately reflect

the current state of wagering in the horse racing industry.  The rule, if made final, will be of great benefit to horse players and the racing industry.

Specifically, the proposed rule would define “amount of the wager” as the total amount wagered by a bettor into a specific pari-mutuel pool on a single ticket for purposes of determining whether wagering proceeds are subject to 25% withholding on winnings of $5,000 or more and are at least 300 times as large as the amount wagered. 

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