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Bill > HR6985
US HR6985
US HR6985Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act
summary
Introduced
01/08/2026
01/08/2026
In Committee
01/08/2026
01/08/2026
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, titled the "Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act," aims to reinstate specific rules regarding wagering losses within the Internal Revenue Code of 1986. Essentially, it proposes to amend Section 165(d) of the code to ensure that individuals can only deduct losses from gambling or betting activities up to the amount of their winnings from such activities. This means that if someone wins $100 from gambling but loses $200, they can only deduct $100 of those losses, effectively preventing them from using gambling losses to offset other income. The bill specifies that these changes would take effect for tax years beginning after December 31, 2025.
Committee Categories
Budget and Finance
Sponsors (6)
Max Miller (R)*,
Steven Horsford (D),
Susie Lee (D),
Nicole Malliotakis (R),
Tom Suozzi (D),
Jeff Van Drew (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/08/2026)
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/6985/all-info |
| BillText | https://www.congress.gov/119/bills/hr6985/BILLS-119hr6985ih.pdf |
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