118 HR 3125 IH: To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings. U.S. House of Representatives 2023-05-05 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.

I118th CONGRESS1st SessionH. R. 3125IN THE HOUSE OF REPRESENTATIVESMay 5, 2023Ms. 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 MeansA BILLTo amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings.

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.