WAGER Act

Bill: 118-s-4872
Sponsor: full_name: Sen. Cortez Masto, Catherine [D-NV]
Introduced: 2024-07-31
Policy area: Sports and Recreation
Latest action: action_date: 2024-07-31
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4872 IN THE SENATE OF THE UNITED STATES July 31, 2024 Ms. Cortez Masto (for herself and Mrs. Hyde-Smith ) introduced the following bill; which was read twice and referred to the Committee on Finance 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 Withdrawing Arduous Gaming Excise Rates Act or the WAGER 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 adding at the end the following new paragraph: (4) Sports betting not prohibited under State law or Tribal compact On any wager which— (A) is not prohibited under— (i) the law of the State in which accepted, or (ii) an approved Tribal-State gaming compact executed in accordance with the Indian Gaming Regulatory Act ( 25 U.S.C. 2701 et seq. ), and (B) 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.