Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act

Bill: 119-s-2230
Sponsor: full_name: Sen. Cortez Masto, Catherine [D-NV]
Introduced: 2025-07-09
Policy area: Taxation
Latest action: action_date: 2025-07-09
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 119th CONGRESS 1st Session S. 2230 IN THE SENATE OF THE UNITED STATES July 9, 2025 Ms. Cortez Masto (for herself, Ms. Rosen , and Mr. Cruz ) 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 reinstate the rules for wagering losses.

1. Short title This Act may be cited as the Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act . 2. Reinstatement of rules for wagering losses (a) In general Section 165(d) of the Internal Revenue Code of 1986 is amended to read as follows: (d) Wagering losses Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, the term losses from wagering transactions includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2025.