To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings.

Bill: 118-hr-3125
Sponsor: full_name: Rep. Titus, Dina [D-NV-1]
Introduced: 2023-05-05
Policy area: Taxation
Latest action: action_date: 2023-05-05
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-05-05
action_desc: Introduced in House
text: <p>This bill provides that no tax information return for winnings from one slot machine play shall be required unless the winnings are at least $5,000 (without reduction for the amount wagered). This threshold amount is adjusted for inflation for calendar years beginning after 2024.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 3125 IN THE HOUSE OF REPRESENTATIVES May 5, 2023 Ms. Titus (for herself, Mr. Reschenthaler , Mr. Van Drew , Mr. Cole , Mr. Amodei , Mr. Kelly of Pennsylvania , Mr. Johnson of South Dakota , and Mr. Horsford ) 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 increase the information reporting threshold for slot winnings.

1. Reporting threshold for slot machines (a) In general Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (h) Slot machines (1) In general No return shall be required under subsection (a) in the case of a payment in the course of a trade or business of winnings from one slot machine play unless the winnings from one such play are at least $5,000 (without reduction for the amount wagered). (2) Inflation adjustment In the case of payments in any calendar year beginning after 2024, the $5,000 amount in paragraph (1) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2023 for 2016 in subparagraph (A)(ii) thereof. If any increase determined under the preceding sentence is not a multiple of $100, such increase shall be rounded to the nearest multiple of $100. . (b) Effective date The amendment made by this section shall apply to payments after December 31, 2023.