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H.R. 4304House119th Congress (2025-2027)In Committee

Fair Accounting for Income Realized from Betting Earnings Taxation Act

To amend the Internal Revenue Code of 1986 with respect to wagering losses.

Sponsored by Dina TitusRep. Dina Titus (D-NV)
Introduced July 7, 2025

AI-Generated Summary

Updated November 23, 2025 at 11:38 PM UTC

The FAIR Bet Act changes the tax rules for gambling losses. It updates the Internal Revenue Code so that taxpayers can deduct the full amount of their wagering losses, rather than only 90 percent. This affects anyone who reports gambling winnings and wants to offset them with losses on their federal tax return.

Key Provisions

  • Amends IRC Section 165(d) to replace the current 90 percent deduction limit for wagering losses with a 100 percent deduction, allowing full loss deduction.

Legislative Activity

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2 earlier actions
HouseDischarge Latest Action

Motion to Discharge Committee filed by Ms. Titus. Petition No: 119-16. (Discharge petition text with signatures.)

February 12, 2026

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HouseIntro Referral

Introduced in House

July 7, 2025

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

July 7, 2025

HouseDischarge

Motion to Discharge Committee filed by Ms. Titus. Petition No: 119-16. (Discharge petition text with signatures.)

February 12, 2026

Bill Text

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Introduced in HouseIssued July 7, 2025

I

119th CONGRESS

1st Session

H. R. 4304

IN THE HOUSE OF REPRESENTATIVES

July 7, 2025

Ms. Titus (for herself and Mr. Khanna) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 with respect to wagering losses.

1.

Short title

This Act may be cited as the Fair Accounting for Income Realized from Betting Earnings Taxation Act or FAIR Bet Act.

2.

Amendment to wagering loss provision

Section 165(d) of the Internal Revenue Code of 1986, as amended, is amended—

(1)

by striking 90 percent and inserting 100 percent.