S2230119th CongressWALLET

Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act

Sponsored By: Senator Catherine Cortez Masto

Introduced

Summary

Limits tax deductions for wagering losses to wagering gains. S.2230 would amend Internal Revenue Code section 165(d) to allow wagering losses only to the extent of wagering gains and to clarify that that phrase includes any deduction otherwise allowable incurred in carrying on a wagering transaction.

Show full summary
  • Recreational gamblers: Would be able to deduct gambling losses only up to the amount of their gambling winnings, reducing the ability to use net gambling losses to lower taxable income.
  • Professional gamblers and bettors who claim wagering-related expenses: Expenses incurred in carrying on wagering transactions would be treated as wagering losses and therefore limited to the amount of wagering gains.
  • Effective date: The rule would apply to taxable years beginning after December 31, 2025.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 1 costs, 0 mixed.

Limits on gambling loss deductions

This bill would let you deduct gambling losses only up to the amount of your gambling winnings. You could not use extra gambling losses to lower other income on your tax return. It would also treat any deduction tied to carrying on a gambling activity as a wagering loss. The rule would apply to tax years beginning after December 31, 2025.

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Sponsors & CoSponsors

Sponsor

Catherine Cortez Masto

NV • D

Cosponsors

  • Jacky Rosen

    NV • D

    Sponsored 7/9/2025

  • Ted Cruz

    TX • R

    Sponsored 7/9/2025

  • Bill Hagerty

    TN • R

    Sponsored 7/14/2025

  • Bill Cassidy

    LA • R

    Sponsored 11/20/2025

  • Cindy Hyde-Smith

    MS • R

    Sponsored 12/3/2025

  • Angela Alsobrooks

    MD • D

    Sponsored 12/16/2025

  • Rep. Slotkin, Elissa [D-MI-7]

    MI • D

    Sponsored 1/28/2026

  • Gary Peters

    MI • D

    Sponsored 3/26/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov

Live Policy Activity

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Surfaced from PRIA's policy knowledge graph — ranked by signal strength, connected by evidence.

Live · 1h ago15,853Bills1,439Wiki4 signals surfaced
Now TrackingHR8495
Moving· 4 days in stage

Financial Services and General Government Appropriations Act, 2027

Rep. Joyce, David P. [R-OH-14] (R-OH)
IntroducedApr 24
Cmte Reported
Passed Origin Chbr
Passed Second Chbr
Resolving Diffs
Enrolled
Became Law
Current StageIntroduced· 4d

Appropriations package that would fund Treasury and IRS while imposing rulemaking limits and detailed DC policy constraints, affecting taxpayers, community lenders, and DC residents.

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