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US SB2230
Bill
Status
7/9/2025
Primary Sponsor
Catherine Cortez Masto
Click for details
AI Summary
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Amends Section 165(d) of the Internal Revenue Code of 1986 to reinstate prior rules governing the tax treatment of wagering losses
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Limits deductions for gambling losses to the amount of gambling gains (taxpayers cannot deduct losses exceeding their winnings)
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Expands the definition of "losses from wagering transactions" to include any deduction otherwise allowable that was incurred in carrying on wagering transactions
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Applies to taxable years beginning after December 31, 2025
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Introduced July 9, 2025 by Senators Cortez Masto, Rosen, and Cruz; referred to the Committee on Finance
Legislative Description
Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
7/9/2025