[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6631 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6631

 To amend the Internal Revenue Code of 1986 to modify the withholding 
 requirement with respect to proceeds from certain pari-mutuel wagers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2008

 Mr. Boustany introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to modify the withholding 
 requirement with respect to proceeds from certain pari-mutuel wagers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Parimutuel Conformity and Equality 
Act of 2008''.

SEC. 2. ELIMINATION OF WITHHOLDING REQUIREMENT FOR PROCEEDS FROM 
              PARIMUTUEL POOL WAGERS.

    (a) In General.--(1) Subparagraph (C) of section 3402(q)(3) of the 
Internal Revenue Code of 1986 (relating to winnings which are subject 
to withholding) is amended--
            (A) by striking clause (ii),
            (B) by striking ``, or'' at the end of clause (i) and 
        inserting a period, and
            (C) by striking ``(C) Sweepstakes, wagering pools, certain 
        parimutuel pools'' and all that follows through ``(ii) a 
        wager'' and inserting the following:
                    ``(C) Sweepstakes, wagering pools, and lotteries.--
                Proceeds of more than $5,000 from a wager''.
    (2) Paragraph (5) of section 3402(q) of such Code (relating to 
exemption for bingo, keno, and slot machines) is amended--
            (A) by inserting ``proceeds from a wagering transaction in 
        a parimutuel pool with respect to horse races, dog races, or 
        jai alai, and'' after ``shall not apply to'', and
            (B) by inserting ``certain parimutuel pools,'' before 
        ``bingo'' in the heading thereof.
    (b) Effective Date.--The amendments made by this section shall 
apply to amounts paid after the date of the enactment of this Act.
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