S.Amdt. 4248

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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