Thoroughbred Racing advocates for repealing tax on wagering
A new bill was introduced that would increase the rate back to 100% instead of 90%
Key Points
- NTRA, along with other organizations, supports restoring the deduction rate back to 100%
- Kentucky Rep. Andy Barr is working to bring back the full deduction through his recently introduced WAGER Act legislation
The National Thoroughbred Racing Association (NTRA) has initiated a campaign advocating for repealing a wagering tax Congress passed over the summer as part of the “Big Beautiful Bill.”
This tax allows for a 90% deduction of gambling losses, a change from the previous 100% allowance.
President Trump signed the “Big Beautiful Bill” on July 4.
Regarding the new legislation, NTRA President and CEO Tom Rooney said, “While there were many victories for our sport in the legislation passed this summer, we noted at the time that work needed to be done to repeal the language that would effectively tax horse players on phantom income.
“This provision will have a negative impact on our customers who fuel a $36bn industry responsible for nearly half a million jobs, thousands of small agribusinesses, and millions of acres of open working space.”
Legislation to modify the 90% deduction allowance is currently on the table.
Rep. Andy Barr (R-KY) recently introduced the Winnings and Gains Expense Restoration Act (WAGER), a measure that would restore the deduction back to 100% if passed.
Rep. Barr said he has collaborated with several organizations to aid in bringing back the full deduction.
Good to know: Barr serves as the Chairman of the Congressional Horse Caucus
He commented, “I’m working right alongside NTRA, Breeders’ Cup, Kentucky Thoroughbred Association, Keeneland, Churchill Downs, The Jockey Club, and all our Thoroughbred horse racing advocates to reinstate the full deduction for wagering.
“Estimates say this could reduce track handles by 5-8%. I’m going to keep pushing the WAGER Act to restore this full deduction so that our industry can flourish.”
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