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.
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