Bill
Bill > HR4304
summary
Introduced
07/07/2025
07/07/2025
In Committee
07/07/2025
07/07/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 with respect to wagering losses.
AI Summary
This bill proposes to amend Section 165(d) of the Internal Revenue Code of 1986, specifically changing the percentage of wagering losses that can be deducted for tax purposes from 90 percent to 100 percent. The bill, known as the "Fair Accounting for Income Realized from Betting Earnings Taxation Act" or "FAIR Bet Act", would effectively allow taxpayers to fully deduct their gambling losses when filing their taxes. Currently, taxpayers are only allowed to deduct up to 90% of their wagering losses, so this change would provide more favorable tax treatment for individuals who incur gambling losses. The modification aims to provide greater tax relief for those engaged in gambling activities by allowing a complete deduction of losses against gambling winnings.
Committee Categories
Budget and Finance
Sponsors (17)
Dina Titus (D)*,
Mark Amodei (R),
Gil Cisneros (D),
Chris Deluzio (D),
Josh Gottheimer (D),
Steven Horsford (D),
Ro Khanna (D),
Susie Lee (D),
Max Miller (R),
Troy Nehls (R),
Guy Reschenthaler (R),
Andrea Salinas (D),
Darren Soto (D),
Greg Stanton (D),
Haley Stevens (D),
Tom Suozzi (D),
Jeff Van Drew (R),
Last Action
Referred to the House Committee on Ways and Means. (on 07/07/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/4304/all-info |
| BillText | https://www.congress.gov/119/bills/hr4304/BILLS-119hr4304ih.pdf |
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