The National Thoroughbred Racing Association has released a new campaign advocating for passage of a bill that would repeal a wagering tax as part of legislation passed by Congress earlier this year, the NTRA announced Tuesday.
As part of the One Big Beautiful Bill Act (OBBBA) signed into law July 4, there was a tax change regarding wagering losses–reducing the deduction from 100% to 90%.
In response, Kentucky Rep. Andy Barr has introduced the WAGER Act (Winnings and Gains Expense Restoration Act), new legislation which would restore the deduction back to 100%.
“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 $36 billion industry responsible for nearly half a million jobs, thousands of small agribusinesses, and millions of acres of open working space,” said Tom Rooney, President and CEO of the NTRA.
Barr, Chairman of the Congressional Horse Caucus, added, “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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