New effort to restore gambling loss tax deduction busts in House
A House committee rejected an amendment to restore the full federal tax deduction for gambling losses, impacting players and the industry.Summary
An attempt to reinstate the full federal tax deduction for gambling losses failed in the House this week when the Rules Committee declined to advance an amendment to a larger spending bill. U.S. Rep. Dina Titus, D-Nev., championed the effort, advocating for a proposal similar to her FAIR BET Act, which aims to restore the 100% deduction. Current tax laws, stemming from the One Bill Beautiful Bill Act, limit deductions to 90%, potentially creating taxable income even for players who break even. Industry officials and tax professionals argue this change unfairly impacts professional gamblers and high-stakes players. While the amendment’s failure stalls the effort, Titus and other Nevada lawmakers plan to continue pursuing the restoration through future legislation. Senators Cortez Masto, Rosen, and Cruz are also working on a similar bill in the Senate, known as the FULL HOUSE Act.
(Source：Las-vegas Review Journal)