North Carolina bill proposes gambling-loss tax deductions
North Carolina House Bill 14, filed on 30 January, proposes allowing taxpayers who itemise deductions to deduct gambling losses from state taxable income. The deductions could not exceed reported winnings, and the bill proposes applying the change to tax years beginning on or after 1 January 2024. The proposal would cover legal gambling, including lottery, casino and online sports betting activity.
The proposal could change tax treatment for operators’ customers and affect state tax revenues if enacted.