Taxation

Standardbreds trucking to racetrack

Update On New Process For Importing Horses To Canada

On Friday, April 19, the Canada Border Services Agency (CBSA) provided an update on its plans for the launch of the CBSA Assessment and Revenue Management (CARM) digital initiative, which will moderni...

Standardbreds trucking to racetrack

Notice Regarding Importing Horses To Canada

The Canadian Government, in collaboration with Canada Border Services Agency (CBSA), is introducing a new mandatory system aimed at streamlining the process for handling and tracking taxable imports. ...

Tax Changes Could Hit Farmers

September 25, 2017

Proposed changes to the federal tax system were announced this summer, and the changes could directly affect Canadian farmers and family farm corporations in a huge way if the new rules ultimately get...

Pari-Mutuel Tax Bill To Full U.S. Senate

The U.S. House of Representatives approved the fiscal year 2017 Financial Services and General Government Appropriations bill Thursday evening (July 7) that includes report language detailing Committe...

MA Allots More Funds For S-Bred Racing

It has been reported this week that changes in the way Massachusetts distributes revenue it rakes in via slot machine taxes will provide a financial boost to the state’s harness racing industry.

Tax Issue Key To Northside’s Future

Officials from Northside Downs and the Cape Breton Horsemen’s Association are concerned that the future of racing at the track could be in jeopardy if issues surrounding taxation are not addressed.

KY Committee Passes Tax-Break Bill

February 11, 2016

On Wednesday, February 10 in Kentucky, the House Agriculture and Small Business Committee voted in favour of a piece of legislation that calls for taxes on agricultural items related to the horse raci...

Key Incentives Finalized In US House

December 16, 2015

On Tuesday, December 15 in the United States, important tax incentives for horse owners, including a key provision that extends three-year tax depreciation for all racehorses through 2016, were finali...

Pari-Mutuel Tax Reduction Revised

The allocation of standardbred horse people’s share of the Pari-Mutuel Tax Reduction (PMTR) funds will be revised, following a request from the Ontario Horse Racing Industry Association (OHRIA).

Illinois Tracks File For Bankruptcy

December 24, 2014

Balmoral Racing Club, Inc. and Maywood Park Trotting Association, Inc., two of the oldest horse racing venues in the country and the only harness racing tracks in Illinois, announced today that each h...

Three-Year Tax Depreciation For Horses

December 16, 2014

A provision that retroactively extends three-year tax depreciation for all racehorses was passed by the United States Senate on Tuesday, December 16 as part of bill H.R. 5771, the Tax Increase Prevent...

KY Governor Seeks Tax Clarification

October 28, 2014

In a recent letter to the United States Treasury, Kentucky Governor Steve Beshear urged the federal government to clarify guidelines relating to the calculation of pari-mutuel winnings for tax purpose...

Court Sides With Punter Over Taxes

October 20, 2014

According to a report, a court has determined that a punter’s consistent, heavy wagering on horse races over a five-year period constituted a ‘continuous action to make a profit.’ In turn, the handica...