[Congressional Record Volume 172, Number 20 (Wednesday, January 28, 2026)]
[Senate]
[Page S354]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4248. Ms. CORTEZ MASTO (for herself and Mr. Cruz) submitted an 
amendment intended to be proposed by her to the bill H.R. 7148, making 
further consolidated appropriations for the fiscal year ending 
September 30, 2026, and for other purposes; which was ordered to lie on 
the table; as follows:

       At the appropriate place, insert the following:


               reinstatement of rules for wagering losses

       Sec. __.  (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.
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