Former Daily Racing Form editor praises proposed tax-rule changes

Steve Crist, the recently retired former editor and publisher of the Daily Racing Form, has written an article for the National Thoroughbred Racing Association supporting proposed changes to tax rules that would be highly beneficial to horseplayers.

In the piece, which appears in a question-and-answer format, Crist, a lifelong advocate for horseplayers, calls the proposed changes “a godsend for horseplayers.” As a columnist, Crist was often critical of the current tax laws, which were drafted 40 years ago.

The proposed changes were posted for a 90-day public comment period on Dec. 30. The changes would allow horseplayers to use the total amount bet in a single pool (with some limitations) as the base for determining whether tax reporting and tax withholding requirements should be triggered.

“Bettors will now have their proceeds reported far less frequently, and see much less money withheld, because the calculation of their winnings for reporting and withholding purposes now accurately reflects their total investment into a particular mutuel pool,” Crist writes.

The NTRA’s federal lobbyists have pursued the changes for the past 2 1/2 years, and it is currently encouraging supporters to send comments to the IRS and Treasury through a link on its website.

The Crist piece also can be found at the NTRA website: https://www.ntra.com/crist-qa/