A bill to provide that income from horse races and dog races conducted by agricultural organizations described in section 501 (c) (5) of the Internal Revenue Code of 1954 shall not be unrelated business taxable income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that income to agricultural organizations derived from conducting of horse races and dog races shall not be unrelated business taxable income. Denies all deductions directly connected with such races for any taxable year.…