NTRA Press Release
WASHINGTON, D.C.— The National Thoroughbred Racing Association (NTRA) is actively working on Capitol Hill to help to expand investments in the sport of Thoroughbred racing. Just last weekend, Seize the Grey won the Preakness Stakes at Pimlico, being owned by more than 2,500 individuals through the company MyRacehorse. The NTRA is an active supporter of the Regulation Advancement for Capital Enhancement (RACE) Act of 2024, which will simplify regulations to make it easier for everyone to experience the thrill of owning a horse.
“Thanks to MyRacehorse, 2,500 people across the country got to experience the excitement of owning a winning horse when Seize the Grey crossed the finish line,” said NTRA President and CEO Tom Rooney. “Thoroughbred racing is America’s oldest and best sport, and we need to encourage more people to get involved. We can’t penalize individuals and companies interested in fractional participation due to excessive federal regulations. The RACE Act is one way we can ensure that more people can participate in the sport of racing. Fractional ownership models similar to MyRacehorse and others are growing in popularity in the U.S. and have been prevalent in other major racing jurisdictions like Japan and Australia in part because they offer an avenue of connectivity for many fans who otherwise might not be in a position to experience the thrill of racehorse ownership. We saw how powerful that thrill can be this past Saturday at Pimlico.”
In advance of the 150th Kentucky Derby, Congressman Andy Barr (R-KY) introduced the Regulation Advancement for Capital Enhancement (RACE) Act of 2024, a bill which aims to simplify the registration process required by the Securities and Exchange Commission (SEC). The bill will increase the ability of innovative companies like MyRacehorse to securitize Thoroughbred race horses, and open the doors for more individuals to participate in America’s oldest sport.
“The RACE Act is a critical step towards revitalizing the horse racing industry by creating a more accessible and efficient pathway for investments,” said Congressman Andy Barr. “This bill will help companies increase their ability to raise capital, allowing them to innovate, grow, and bring new opportunities to racing enthusiasts. By reducing the regulatory hurdles, we’re democratizing and preserving the legacy of horse racing for future generations.”
NTRA supports this common sense solution for expanded investment in the sport. The NTRA also supports other bipartisan bills like the Race Horse Cost Recovery Act of 2023 which would make the three-year depreciation schedule permanent for racehorses, regardless of their age when put into service and the Racehorse Tax Parity Act which would reduce the holding period from 24 months to 12 months for equine assets to be considered long term capital gains, putting them on a level playing field with other similar assets.
