Sports Bets Collection Tax Correction Act

Bill: 114-hr-1108
Sponsor: full_name: Rep. Titus, Dina [D-NV-1]
Introduced: 2015-02-26
Policy area: Taxation
Subjects: Gambling

Professional sports

Sales and excise taxes
Latest action: action_date: 2015-02-26
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-02-26
action_desc: Introduced in House
text: <p><strong>Sports Bets Collection Tax Correction Act</strong></p> <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 114th CONGRESS 1st Session H. R. 1108 IN THE HOUSE OF REPRESENTATIVES February 26, 2015 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. Short title This Act may be cited as the Sports Bets Collection Tax Correction Act . 2. Sports betting exempt from the excise tax on authorized wagers (a) In general Section 4402 of the Internal Revenue Code of 1986 is amended by striking or at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , or , and by 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 amendments made by this section shall apply to wagers placed after the date of the enactment of this Act.