A bill to amend the Internal Revenue Code of 1954 to provide that the occupational tax on wagering shall not apply in any state in which wagering is permitted by law.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exempt from the excise tax on wagers and the occupational tax on bookmakers any wager or bookmaker authorized under State law (or in the case of a bookmaker, under local law as well).…