To amend the Internal Revenue Code of 1986 to exempt sports betting from the tax on authorized wagers.

Bill: 113-hr-5383
Sponsor: full_name: Rep. Titus, Dina [D-NV-1]
Introduced: 2014-07-31
Policy area: Taxation
Subjects: Gambling

Professional sports

Sales and excise taxes
Latest action: action_date: 2014-07-31
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-07-31
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to prohibit the imposition of a tax on any wager on a sporting event if that wager is authorized under the law of the state in which it is accepted.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5383 IN THE HOUSE OF REPRESENTATIVES July 31, 2014 Ms. Titus introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to exempt sports betting from the tax on authorized wagers.

1. Sports betting exempt from the excise tax on authorized wagers (a) In general Section 4402 of the Internal Revenue Code of 1986 is amended adding at the end the following new paragraph: (4) Sports betting authorized under State law On any wager which is authorized under the law of the State in which accepted and which is placed with respect to any sporting event. . (b) Effective date The amendment made by this section shall apply to wagers placed after the date of the enactment of this Act.