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Senate Votes to Eliminate Foreign Wagering Tax

UNITED STATES – As reported by the Thoroughbred Times: "An international tax bill that would eliminate the 30% alien withholding provision on foreign wagers and reduce by one year the holding period for horses to qualify for capital gains treatment passed the United States Senate on Tuesday evening.

"The House Ways and Means Committee passed a similar international tax bill, but its version did not include the provisions eliminating the withholding provision and reducing the capital gains period for horses. If the full House passes the Ways and Means Committee's version of the bill, then members of the House and Senate will meet in conference to work out the differences in the bill before both chambers would vote on the final version.

"…A statement from the American Horse Council said that the racing industry has sought to merge wagering pools for many years with track and operators in foreign countries, but was concerned with the IRS provision that imposes a 30% withholding requirement on U.S. source income paid to nonresident aliens.

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