Congresswoman Dina Titus (D NV-01), who serves as a co-chair of the Congressional Gaming Caucus, introduced the "FAIR BET" Act on Monday, July 7.
The "Fair Accounting for Income Realized from Betting Earnings Taxation" Act would restore the 100% tax deduction for gambling losses.
Titus says that the recently passed "Big, Beautiful Bill" included a provision that imposed a tax increase on gamblers by reducing the amount of losses they can deduct from gambling winnings from 100% to 90%.
Congressman Steven Horsford (D NV-04), Congressman Mark Amodei (R NV-02), and Congressman Jeff Van Drew (R NJ-02) have signed on as co-sponsors of the bill.
Says Titus in part, "This common-sense legislation will bring fairness back to gaming taxation, making sure that gamblers can fully deduct losses when they report their winnings. It gives everyone—from recreational gamblers to high-stakes gamblers—a fair shake."
