[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2140 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2140

 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

                             April 28, 2009

  Mr. Yarmuth (for himself and 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 2009''.

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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