The US Senate approved a revised tax bill by a 51–50 vote, including a provision that would cap deductions for wagering losses and related expenses at 90% of annual winnings. The bill must return to the House because the Senate amendments differ from its version, and final passage remains uncertain.
If enacted, the proposed cap could increase taxable income for bettors whose losses and expenses approach their winnings.
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The US House Rules Committee declined to advance the FAIR BET Act as an amendment to the 2026 National Defense Authorization Act, preventing a House floor vote, according to the report. The existing rule will limit deductible gambling losses to 90% from the 2026 tax year unless Congress acts. The bill’s future now rests with the House Ways and Means Committee or later tax legislation.
Oklahoma Senator James Lankford has opposed legislation to restore full deductions for gambling losses in the US, according to reports of his comments. Current rules allow taxpayers who itemise to deduct 90% of losses, while bills from Representatives Dina Titus and Andy Barr seek to reinstate a 100% deduction.
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%.
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.
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.