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

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2230 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 2230

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


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                   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

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                                 A BILL


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

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
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