WAGER Act of 2025

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4630 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4630 To amend the Internal Revenue Code of 1986 to restore wagering loss limitation rules. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 23, 2025 Mr. Barr introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to restore wagering loss limitation rules. 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 ``Winnings And Gains Expense Restoration Act of 2025'' or the ``WAGER Act of 2025''. SEC. 2. LIMITATION ON WAGERING LOSSES. (a) In General.--Section 165(d)(1) of the Internal Revenue Code of 1986 (as amended by the Act entitled ``an Act to provide for reconciliation pursuant to title II of H. Con. Res. 14.'' (119th Congress)) is amended by striking ``for any taxable year'' and all that follows throug…