Section 1 Sports betting exempt from the excise tax on authorized wagers
In general— Section 4402 of the Internal Revenue Code of 1986 is amended adding at the end the following new paragraph:
“(4) Sports betting authorized under State law—On any wager which is authorized under the law of the State in which accepted and which is placed with respect to any sporting event.”
Effective date— The amendment made by this section shall apply to wagers placed after the date of the enactment of this Act.