It was one in every of PokerNews’ prime tales of 2025 and will power poker Corridor of Famer Erik Seidel into retirement, however all eyes are nonetheless on makes an attempt to repeal the playing “phantom tax” launched in final yr’s “One Huge Lovely Invoice”.
The Truthful Guess Act was meant as an emergency repair to cease this, however final week the Home Guidelines Committee formally despatched that invoice to the sidelines. Nonetheless, a brand new act may be the “ace up the sleeve” of the playing business. The Full Home Act is a bipartisan invoice that also goals to revive full gaming loss deductions, and has a significantly better shot at really crossing the end line.
Why the Truthful Guess Act Stalled
The Truthful Guess Act, launched by Congresswoman Dina Titus (D-NV), was the primary huge try to repair a brand new tax rule scheduled to kick in for the 2026 tax yr. This rule was tucked into the “One Huge Lovely Invoice Act” handed final yr and restricted a gambler’s means to deduct losses.
Presently, if you happen to win $10,000 and lose $10,000, you break even and owe $0. Nonetheless, the One Huge Lovely Invoice diminished the allowable deduction to 90% of losses.
However beneath the brand new 2026 guidelines, you would solely deduct 90% of these losses, that means the IRS would tax you on $1,000 of “revenue” you by no means really saved, or so-called “phantom winnings.”
Nonetheless, the invoice was rejected by the Guidelines Committee within the U.S. Home of Representatives again in September, and stalled once more final week when it was mooted as an modification to a bigger protection invoice earlier this month.
Home management and lawmakers felt it was the improper automobile for the change, leaving many apprehensive the 90% cap was right here to remain.
Enter the Full Home Act
Whereas the Truthful Guess Act flamed out, the Full Home Act is stepping in.
An earlier invoice by the identical identify was launched in July 2025 by Sen. Catherine Cortez Masto (D-NV), however the effort was swiftly blocked.
This new Invoice is being launched as an modification to a minibus mentioned this week by the Home Guidelines Committee. Hopes are excessive resulting from its bipartisan assist and the truth that one in every of its co-sponsors represents a “non-gaming” state. The Full Home Act would restore the unique rule, permitting 100% of playing losses to be totally deducted.
Whereas Rep. Steven Horsford (D-NV) has represented Nevada’s 4th district since 2019, he’s joined in these efforts by Rep. Max Miller (R-OH) of Ohio’s seventh congressional district. Each Horsford and Miller sit on america Home Committee on Methods and Means.
“The Full Home Act is about primary equity within the tax code,” mentioned Miller. “People shouldn’t be taxed on cash they didn’t really take dwelling. By restoring the complete deduction for playing losses, this invoice ensures the IRS treats taxpayers actually and constantly.
“I’m proud to guide this bipartisan effort with Congressman Horsford, and I urge my colleagues to assist this commonsense repair.”
A “Widespread Sense Technical Correction”
In keeping with Fairplaygov on X, there’s a hope that the invoice is launched beneath “closed guidelines,” whereby debate is eradicated and potential amendments restricted.
Nonetheless, it is also included as a “Self-Executing Rule” the place a vote on a procedural rule concurrently passes an modification with out the necessity for a separate vote.
“The hope is that that is seen as a typical sense bi-partisan technical correction with little budgetary impression,” Fairplaygov posted on X.
Will Shillibier
Managing Editor
He graduated from the College of Kent in 2017 with a B.A. in German. He additionally holds an NCTJ Diploma in Sports activities Journalism.
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