Section 1 Short title
This Act may be cited as the “Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act”.
Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act
A BILL
To amend the Internal Revenue Code of 1986 to reinstate the rules for wagering losses.
Sec. 2 Reinstatement of rules for wagering losses
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.”
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2025.