US Representative Dina Titus introduced the FAIR BET Act to restore a 100% deduction for gambling losses against winnings. Titus said the measure responds to a federal budget provision that reduces the deduction to 90%; the source reports that the change is expected to affect a small number of gamblers.
The proposed change would affect the tax treatment of gambling winnings and losses for US operators’ customers.
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Representative Dina Titus renewed efforts in Congress to reverse the US cap on deductible gambling losses during debate over HR 7148, according to the report. Her FAIR BET Act amendment would restore full deductions; separate legislation from Representatives Steven Horsford and Max Miller also seeks that change. The proposed amendment could still be removed during negotiations.
Senator Todd Young objected to Senator Catherine Cortez Masto’s attempt to advance the FULL HOUSE Act by unanimous consent on 10 July, blocking the bill from proceeding. The proposal would restore deductions for 100% of gambling losses, up to winnings; the article says the tax provision would instead allow deductions of 90%.
US Representative Dina Titus introduced the Fair Markets and Sports Integrity Act to bar regulated exchanges from offering contracts tied to sports contests or gambling-like events when they resemble wagers governed by state authorities. Titus said states should oversee these platforms; the bill is before a House committee.
Reportedly, US Representative Dina Titus is urging the House tax committee to take up her FAIR BET legislation. The proposal would raise the federal deduction for gambling losses from 90% to 100%, but neither it nor a similar Senate bill has reached a floor vote.
US Representative Dina Titus, a Nevada Democrat, is continuing to press the House Ways and Means Committee to advance her FAIR BET Act, which would restore the federal deduction for gambling losses to 100%, according to a report. Neither the FAIR BET Act nor a similar Senate bill has been put to a floor vote more than a year after their introduction.
Indiana Senator Todd Young blocked a Senate unanimous-consent request on 10 July to advance legislation restoring full deductions for gambling losses, according to the report. The proposal sought to overturn a new rule limiting deductible losses to 90% of winnings; Young objected unless an unrelated amendment was included. A separate House bill was also under way.