Bill > S2773

This bill, known as the WAGER Act (Withdrawing Arduous Gaming Excise Rates Act), proposes to amend the Internal Revenue Code to exempt sports betting from the existing excise tax on authorized wagers. Specifically, the bill adds a new provision to Section 4402 of the tax code that would remove the excise tax for sports bets that are legally placed within a state or on tribal lands under an approved gaming compact. The exemption applies to any wager placed on a sporting event that is not prohibited by state law or by a Tribal-State gaming compact that has been executed in accordance with the Indian Gaming Regulatory Act. The amendment would take effect immediately after the bill's enactment, meaning the tax exemption would apply to sports bets placed after the date the bill becomes law. This legislation aims to reduce the tax burden on sports betting, which has become increasingly legal and popular across different states in recent years.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/2773/all-info