TO AMEND THE INTERNAL REVENUE CODE OF 1986 WITH RESPECT TO WAGERING LOSSES.

IN THE HOUSE OF REPRESENTATIVES
JULY 7, 2025

A BILL

To amend the Internal Revenue Code of 1986 with respect
to wagering losses.

Be it enacted by the Senate and House of Representa-1

tives of the United States of America in Congress assembled,2
SEC. 1. SHORT TITLE.

This Act may be cited as the ‘‘Fair Accounting for4
Income Realized from Betting Earnings Taxation Act or5
‘FAIR Bet Act’ ’’.6

SEC. 2. AMENDMENT TO WAGERING LOSS PROVISION.

Section 165(d) of the Internal Revenue Code of 1986,8
as amended, is amended—9

(1)

by striking ‘‘90 percent’’ and inserting ‘‘1001
percent’’.2