Based on analysis of 2 sections of legislative text.

• Wagering losses become deductible up to 100% of wagering gains for individual taxpayers.
• The bill removes a prior 10% reduction on allowable wagering loss deductions under current law.
• Only applies to losses from wagering transactions claimed under the current IRC provision for wagering losses.
• Taxpayers still may only deduct wagering losses to the extent of their wagering gains (no net gambling loss deduction beyond gains).
• Affects individual itemizers who report gambling winnings and substantiate losses.
• Likely to reduce federal income tax revenue modestly by increasing allowable deductions for some taxpayers.
• Does not alter other itemized deduction rules or broader tax code provisions.
• Uses existing reporting and substantiation requirements for gambling income and losses.
• Simple, narrowly targeted change consisting of two sections (short title and amendment).