WAGER Act

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...

One bill designed to restore the gambling losses tax deduction to 100% is languishing in committee and has, for all intents and purposes, politically flat-lined. The giant tax and spending bill signed into law by President Donald Trump in July caps gambling loss deductions to 90% of winnings (from 100%)--a provision set to go into effect next year. Industry leaders have warned this rate change could hit horse racing hard through reduced revenues from gambling dollars. Those jurisdictions with no supplemental purse revenues, like California, are especially vulnerable to the...