July 9, 2025
Ms. Cortez Masto (for herself, Ms. Rosen, and Mr. Cruz) introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to reinstate the rules for wagering losses.
Section 1. Short title
This Act may be cited as the Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act
.
Sec. 2. Reinstatement of rules for wagering losses
(a) In general
Section 165(d) of the Internal Revenue Code of 1986 is amended to read as follows:
(d) Wagering losses
Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, the term
losses from wagering transactionsincludes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
(b) Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2025.