06/02/2015 10:49AM

Last day to comment on proposed parimutuel tax rules


With less than a full day remaining for the public to comment on proposed rules on tax reporting for parimutuel wagers, more than 11,000 have already sent in comments to the IRS and the U.S. Treasury Department supporting the proposals, according to the National Thoroughbred Racing Association.

The latest results were tallied last Friday, according to NTRA spokesman Jim Mulvihill, so it’s possible that the number is much higher.

The NTRA set a goal of providing 10,000 responses to the proposal, and the organization aggressively ratcheted up its promotion of the goal as of two weeks ago – when 3,000 people had responded – by urging nearly every major organization in racing to reach out to their memberships.

The public-comment period, which opened six weeks ago, ends at the close of business today. The proposal would allow horseplayers to use the total amount wagered in a pool to determine tax liability for reporting and withholding, a measure that would dramatically reduce the tax liability of many bettors.