WAGER Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 4872 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 4872 To amend the Internal Revenue Code of 1986 to exempt sports betting from the tax on authorized wagers. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 31, 2024 Ms. Cortez Masto (for herself and Mrs. Hyde-Smith) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to exempt sports betting from the tax on authorized wagers. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Withdrawing Arduous Gaming Excise Rates Act'' or the ``WAGER Act''. SEC. 2. SPORTS BETTING EXEMPT FROM THE EXCISE TAX ON AUTHORIZED WAGERS. (a) In General.--Section 4402 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: ``(4) Sports betting not prohibited under state law…