Section 1 Short title
This Act may be cited as the “Sports Bets Collection Tax Correction Act”.
Sports Bets Collection Tax Correction Act
A BILL
To amend the Internal Revenue Code of 1986 to exempt sports betting from the tax on authorized wagers.
Sec. 2 Sports betting exempt from the excise tax on authorized wagers
In general— Section 4402 of the Internal Revenue Code of 1986 is amended by striking “or” at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting “, or”, and by 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 amendments made by this section shall apply to wagers placed after the date of the enactment of this Act.