This bill changes the tax rule on gambling losses. It raises the allowed percentage of wagering losses that can be used for tax purposes from 90% to 100%. In simple terms, it aims to let people count all of their qualifying gambling losses (instead of only 90%) when figuring out their taxes on gambling income.

Key points:

• Who is affected: People who report gambling winnings and losses on their taxes.
• What changes: The limit moves from 90% to 100% for wagering losses used in tax calculations.
• When: The text does not specify an effective date.