119 S2230 IS: Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act U.S. Senate 2025-07-09 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.

II119th CONGRESS1st SessionS. 2230IN THE SENATE OF THE UNITED STATESJuly 9, 2025Ms. Cortez Masto (for herself, Ms. Rosen, and Mr. Cruz) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo 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.