Another bill to return the gambling deduction to 100% for itemized taxpayers has been filed with Congress.
US Representatives on Monday. In order to correct a tax clause pertaining to the gambling industry in the One Big Beautiful Bill (OBBB), Steven Horsford (D-NV) and Max Miller (R-OH) submitted bipartisan legislation. Starting with the 2026 tax year, federal taxpayers filing itemized returns can only deduct up to 90% of their gambling losses against their earnings, according to a last-minute addition to the Republicans’ tax code omnibus.
According to Horsford, “taxing people on money they never really earned is fundamentally unfair and detrimental to Nevada’s economy.” There is broad bipartisan consensus that this clause was incorrect and that Congress ought to take action to fix it.
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While the bill was in the Senate Finance Committee, the 90% cap on gambling deductions was attached to the OBBB. The gambling deduction limit’s proponents claim that it guarantees high-volume gamblers will pay some kind of federal tax.
Lots Many Laws, Not Much Action
The FULL House Act, also known as the Facilitating Useful Loss Limitations to Help Our Unique Service Economy Act, was created by Horsford and Miller. The bill, officially known as House Resolution 6985, is a copy of the Senate’s FULL House Act. Ted Cruz (R-TX) and Catherine Cortez Masto (D-NV) made their introductions in July.The bill states that losses from wagering transactions will only be permitted to the amount of the earnings from such transactions.
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