[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 972 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 972

 To amend the Internal Revenue Code of 1986 to prohibit any deduction 
                          for gambling losses.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 26, 1997

     Mr. Reed (for himself, Mr. Chafee, Mr. Coats, and Mr. Inhofe) 
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 prohibit any deduction 
                          for gambling losses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PROHIBITION ON ANY DEDUCTION FOR GAMBLING LOSSES.

    (a) In General.--Section 165(d) of the Internal Revenue Code of 
1986 (relating to wagering losses) is amended to read as follows:
    ``(d) No Deduction for Wagering Losses.--No deduction shall be 
allowed for losses from wagering transactions.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1997.
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