One Big Beautiful Bill

It's a busy time for NTRA President and CEO Tom Rooney as there are some important issues facing horse racing that are being addressed in the nation's capital. Most notably, is the provision in the One Big Beautiful Bill that allows gamblers to deduct only 90 percent of their losses from their winnings. If nothing is done to change that, it will likely have a serious impact on the sport and drive many big bettors out of the game. Bills have been introduced that would allow gamblers to again write...

When the details of Donald Trump's "One Big Beautiful Bill" were introduced, there was an unwelcome surprise for horseplayers as well as all gamblers. It included a provision whereby gamblers could only deduct 90% of their losses from their winnings. For example, if a gambler collected $100,000 in winning bets during a year while also losing $100,000, he or she would have to pay taxes on $10,000, even though no profit was actually made. The new law went into effect on Jan. 1. Unless something changes, when gamblers file their...

After watching a bill she filed last July to restore a gambler's right to deduct 100% of losses from gambling winnings languish without consideration in the House Ways and Means Committee, U.S. Rep. Dina Titus of Nevada on Thursday initiated a discharge petition in an attempt to bypass committee action and force it to a vote before the full Congress. "My FAIR BET Act has been sitting in @WaysMeansCmte for eight months, despite commitments from @HouseGOP to restore the full gambling loss deduction," Titus wrote Feb. 12 in a posting...

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...