Fair Accounting for Income Realized from Betting Earnings Taxation Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4304 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4304 To amend the Internal Revenue Code of 1986 with respect to wagering losses. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 7, 2025 Ms. Titus (for herself and Mr. Khanna) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 with respect to wagering losses. 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 ``Fair Accounting for Income Realized from Betting Earnings Taxation Act or `FAIR Bet Act'''. SEC. 2. AMENDMENT TO WAGERING LOSS PROVISION. Section 165(d) of the Internal Revenue Code of 1986, as amended, is amended-- (1) by striking ``90 percent'' and inserting ``100 percent''. <all>…