FAIR BET Act gains additional co-sponsors in drive to reverse gambling loss tax cap
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FAIR BET Act gains additional co-sponsors in drive to reverse gambling loss tax cap
Congresswoman Dina Titus’ legislation to counter the One Big Beautiful Bill Act (OBBBA) gambling loss tax cap of 90% has gained additional co-sponsors. Per the OBBBA, bettors are only permitted to deduct 90% of their gambling losses in a tax year, compared to the 100% level that had been in place. The Fair Accounting for Income Realized from Betting Earnings Taxation Act (FAIR BET Act) was submitted on July 7, with the aim of restoring the loss…
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