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OHIO RACING ON HOLD FOR NOW
According to racing officials at the Ohio Racing Commission and Mahoning Valley, plans for a return to live racing continue to be on hold. Horses are training at Mahoning Valley, though there are now mixed signals on when the horses need to be off the grounds. Horsemen were to be able to remain at the track until they could make the transition to Thistledown and Belterra Park on April 12 or 14. According to horsemen they are seeing signs posted that state that Penn Gaming now wants to close the barn area on April 7.
The letter from Chad Davis, the Security and Surveillance Manager for Hollywood Gaming stated, “Our entire backstretch will be closing on 4/7/2020 at midnight. This means the barns, track and dormitory areas must be vacated no later than April 7, 2020.”
H.B.P.A. Executive Director Dave Basler believes his organization can remedy the matter and is working diligently with the tracks. “Most likely we will stay at Mahoning until a transition to Thistledown and those costs will be passed on to the H.B.P.A. We are not so sure of the situation at Belterra and trust they will honor our contract. The Racing Commission is helping us work with our track partners.”
The Polytrack surface at Turfway Park is being removed by Churchill Downs and replaced with a Tapeta surface after April 12. Horsemen are allowed on the grounds until the 14th according to a trainer there who races on the Ohio circuit. The usual trend is for about 50% of the horses at Turfway is to move to Belterra Park. According to a high ranking H.B.P.A. representative, “We believe the Ohio Racing Commission has our back 100% in this matter and are working diligently with the entities to clear the way for our horses to have a stabling and training for their health and eventually the continued health of the industry.”
NTRA NATIONAL TELECONFERENCE:
NTRA/DEAN DORTON TO PROVIDE INDUSTRY UPDATE ON COVID-19 FEDERAL STIMULUS BILLS
LEXINGTON, Ky. (March 30, 2020) – The NTRA and its Washington, D.C., legislative team, The Alpine Group, and Kentucky-based Dean Dorton, one of the nation’s leading experts on equine tax matters, will host a national teleconference to review Federal stimulus bills recently passed to combat the impacts of the coronavirus pandemic. The teleconference, which will be held Wednesday, April 1, at 11:30 a.m. ET., is open to media, representatives of equine businesses, their employees, and other individuals in the equine industry impacted by the coronavirus pandemic.
Among the topics to be covered is an in-depth analysis of key tax and business provisions impacting businesses and individuals involved in the horse racing and breeding industry, including the opportunities they present and the obligations they impose.
In response to the pandemic, Congress and the Administration passed a series of bipartisan bills aimed at combating the coronavirus, jump starting the economy and providing financial relief to individuals and businesses during these uncertain times. The recently enacted legislation includes:
– The Coronavirus Preparedness Response and Supplemental Appropriations Act allows $1 billion in loan subsidies to be made available to help small businesses, small agricultural cooperatives and non-profit organizations that have been impacted by financial losses as a result of the coronavirus.
– The Families First Coronavirus Response Act protects public health workers and provides important benefits to children and families for those impacted by the coronavirus. Protections for the employers of affected workers also are included in the legislation in the form of tax credits to offset the costs of providing emergency sick leave.
– The Coronavirus Aid, Relief, and Economic Security Act or CARES Act is an emergency relief package valued at $2 trillion. The bill provides direct payments to many Americans, including individuals and couples; $153 billion to hospitals that are seeing their resources stretched to the brink and beyond in their battle to combat the coronavirus; $500 billion for corporations; $377 billion for small businesses; $340 billion in aid for local and state governments; and billions of dollars in extended unemployment benefits for furloughed workers.
DATE: Wednesday, April 1, 2020
TIME: 11:30 a.m. ET
Register in advance to save to your calendar or join day-of: Click here
Audio: If joining from a computer, provide your phone number when you join the event online via the link.
If joining by phone only, dial the number below and enter the access code.
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Access code: 614 564 921
Alex Waldrop, President and CEO, National Thoroughbred Racing Association
Jen Shah, Director of Tax Services and Equine Team Leader, Dean Dorton
Greg Means, Principal and CFO, The Alpine Group
Lauren Bazel, Vice President, The Alpine Group
Scheduled guests will take questions following the presentation.
About Dean Dorton CPAs and Business Advisors
For more than 35 years, Dean Dorton’s team has served a broad spectrum of people and organizations involved in the equine industry, from small boarding farms to large multi-departmental farms involved in boarding, breeding, selling, and stallion management; from racing stables to a racetrack; from bloodstock agents to equine veterinary firms; and from industry associations to equine insurance agencies. For more information visit www.deandorton.com/equine.