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US S2230
US S2230Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act
summary
Introduced
07/09/2025
07/09/2025
In Committee
07/09/2025
07/09/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to reinstate the rules for wagering losses.
AI Summary
This bill, known as the "Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act", proposes to reinstate and modify rules regarding wagering losses in the Internal Revenue Code of 1986. Specifically, the bill amends Section 165(d) to clarify that losses from wagering transactions can only be deducted to the extent of gains from those same transactions. This means that taxpayers would be limited in their ability to offset other income with gambling losses, effectively restricting the tax benefits of gambling losses. The changes would take effect for taxable years beginning after December 31, 2025, giving taxpayers and the IRS advance notice of the new rule. By limiting the deductibility of wagering losses, the bill aims to potentially increase tax revenue and discourage excessive gambling-related tax deductions.
Committee Categories
Budget and Finance
Sponsors (8)
Catherine Cortez Masto (D)*,
Angela Alsobrooks (D),
Bill Cassidy (R),
Ted Cruz (R),
Bill Hagerty (R),
Cindy Hyde-Smith (R),
Jacky Rosen (D),
Elissa Slotkin (D),
Last Action
Read twice and referred to the Committee on Finance. (on 07/09/2025)
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/senate-bill/2230/all-info |
| BillText | https://www.congress.gov/119/bills/s2230/BILLS-119s2230is.pdf |
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