Fair Accounting for Income Realized from Betting Earnings Taxation Act
Sponsored By: Representative Titus
Introduced
Summary
Allow 100% deduction for wagering losses.
Show full summary
The FAIR Bet Act would amend Section 165(d) of the Internal Revenue Code by striking "90 percent" and inserting "100 percent". That change raises the portion of wagering losses taxpayers can claim as an itemized deduction against gambling winnings. The amendment is narrowly focused on that single wording change and retains the general framework of the code provision.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Full deduction for gambling losses
This bill would let you deduct 100% of your gambling losses, up to your gambling winnings. It would change the tax rule from 90% to 100%. This would help only if you report both winnings and losses and claim the deduction. No start date is stated in the text provided.
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Sponsors & CoSponsors
Sponsor
Titus
NV • D
Cosponsors
Khanna
CA • D
Sponsored 7/7/2025
Nehls
TX • R
Sponsored 7/10/2025
Horsford
NV • D
Sponsored 7/10/2025
Van Drew
NJ • R
Sponsored 7/10/2025
Amodei (NV)
NV • R
Sponsored 7/10/2025
Lee (NV)
NV • D
Sponsored 7/10/2025
Cisneros
CA • D
Sponsored 7/10/2025
Deluzio
PA • D
Sponsored 7/21/2025
Soto
FL • D
Sponsored 7/21/2025
Reschenthaler
PA • R
Sponsored 7/21/2025
Salinas
OR • D
Sponsored 9/3/2025
Stanton
AZ • D
Sponsored 9/8/2025
Suozzi
NY • D
Sponsored 9/23/2025
Gottheimer
NJ • D
Sponsored 9/30/2025
Stevens
MI • D
Sponsored 9/30/2025
Miller (OH)
OH • R
Sponsored 9/30/2025
Gray
CA • D
Sponsored 10/17/2025
Valadao
CA • R
Sponsored 10/21/2025
McGarvey
KY • D
Sponsored 11/7/2025
LaLota
NY • R
Sponsored 11/7/2025
Ezell
MS • R
Sponsored 12/1/2025
Barr
KY • R
Sponsored 12/17/2025
Cole
OK • R
Sponsored 1/8/2026
Bergman
MI • R
Sponsored 2/24/2026
Ruiz
CA • D
Sponsored 3/27/2026
Roll Call Votes
No roll call votes available for this bill.
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