[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3125 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3125

To amend the Internal Revenue Code of 1986 to increase the information 
                 reporting threshold for slot winnings.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 5, 2023

Ms. Titus (for herself, Mr. Reschenthaler, Mr. Van Drew, Mr. Cole, Mr. 
Amodei, Mr. Kelly of Pennsylvania, Mr. Johnson of South Dakota, and Mr. 
  Horsford) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to increase the information 
                 reporting threshold for slot winnings.

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

SECTION 1. REPORTING THRESHOLD FOR SLOT MACHINES.

    (a) In General.--Section 6041 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(h) Slot Machines.--
            ``(1) In general.--No return shall be required under 
        subsection (a) in the case of a payment in the course of a 
        trade or business of winnings from one slot machine play unless 
        the winnings from one such play are at least $5,000 (without 
        reduction for the amount wagered).
            ``(2) Inflation adjustment.--In the case of payments in any 
        calendar year beginning after 2024, the $5,000 amount in 
        paragraph (1) shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `2023' for `2016' in subparagraph (A)(ii) thereof.
        If any increase determined under the preceding sentence is not 
        a multiple of $100, such increase shall be rounded to the 
        nearest multiple of $100.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to payments after December 31, 2023.
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