Republicans Reject Repeal of Gambling Loss Deduction Cap

[MissExposé]

Senate Republicans have blocked a proposal to repeal the cap on gambling loss deductions, which was reduced in a recent tax reform bill. The new law, effective in 2026, limits deductions to 90% of gambling losses, potentially increasing tax burdens for gamblers. Nevada Senator Catherine Cortez Masto introduced a bill to restore the full deduction, but it was blocked by Senator Todd Young, citing procedural issues. The change, which is projected to raise $1.1 billion over eight years, has sparked criticism from Nevada lawmakers and professional gamblers, who argue it could negatively impact the state’s gaming industry.

Source: https://news.worldcasinodirectory.c...duction-cap-nevada-lawmakers-push-back-118977