S. 2230

Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act

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II

119th CONGRESS

1st Session

S. 2230

IN THE SENATE OF THE UNITED STATES

July 9, 2025

Ms. Cortez Masto (for herself, Ms. Rosen, and Mr. Cruz) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to reinstate the rules for wagering losses.

1.

Short title

This Act may be cited as the Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act.

2.

Reinstatement of rules for wagering losses

(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.