One Big Beautiful Bill Act

Tom Rooney, the president and chief executive officer of the National Thoroughbred Racing Association (NTRA), said Wednesday that the focus of his organization's current lobbying efforts in Congress is getting a recently enacted tax law reversed so horse race bettors can go back to deducting 100% of their gambling losses instead of the 90% that was imposed by passage of the sweeping One Big Beautiful Bill Act (OBBBA) signed into law July 4. The NTRA has estimated that the financial hit to the racing industry because of this tax change...

The National Thoroughbred Racing Association (NTRA) will collaborate with Dean Dorton, a Top 100 CPA and advisory firm, to host a deep dive on the One Big Beautiful Bill Act and its tax implications affecting Thoroughbred racing, the group announced Friday afternoon. Set to take place Thursday, July 24 at 1:00 p.m., the webinar will feature insight from Jen Shah and Joe Daugherty, Lexington-based certified public accountants with Dean Dorton, and the firm's equine tax leaders. The CPAs will provide specifics of the new laws and answer questions regarding topics...

Tom Rooney, President and CEO of the NTRA, joins this week's TDN Writers' Room to discuss implications of 'The One Big Beautiful Bill' Act for the industry.