113 HR 5383 IH: To amend the Internal Revenue Code of 1986 to exempt sports betting from the tax on authorized wagers. U.S. House of Representatives 2014-07-31 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

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.