House Passes Jobs Creation Act

WASHINGTON (June 17, 2004) -- By a vote of 251 to 178 (with 5 “no votes”) the United States House of Representatives today passed the Foreign Sales Corporation/Extra-Territorial Income Bills (FSC/ETI) bill (a.k.a. the “American Jobs Creation Act of 2004”).

The Senate passed its version of the FSC bill on May 11, by a vote of 92-5. Included in the Senate bill is language authored by Sens. Jim Bunning (R-KY) and Blanche Lincoln (D-AR) that would repeal the 30 percent tax on winnings by foreign bettors wagering on American racing, which precludes the export of American simulcasts to most foreign nations.

The FSC bill now moves to a conference to reconcile the Senate and House versions.
“We are pleased to have cleared an additional hurdle to passage of the FSC bill, which we believe will help open the $85 billion international pari-mutuel market to the American simulcast product,” NTRA Deputy Commissioner Greg Avioli.

“As soon as we know which conferees will be assigned this bill, we will begin intensive lobbying to ensure that our provision remains intact and appears in the final legislation.”
Prior to being sent to the President, the product of the House and Senate Conference or Conference Report will need to pass another vote in the House and Senate.