Big Beautiful Bill

Rep. Dina Titus, a Democratic Congresswoman from the gambling mecca of Nevada, has introduced what is being called the FAIR BET Act, which would restore a gambler's right to deduct 100 percent of his or her losses from gambling winnings. Titus is the co-chair of the Congressional Gaming Caucus. The latest version of the Trump bill stunned gamblers, racetracks, casinos and sports bettors when it became clear that a player could only deduct 90% of their losses from the winnings. Under the scenario, a gambler that won $1 million and...

The version of President Donald Trump's "Big Beautiful Bill" passed by the Senate earlier this week contains a tax provision that could prove prohibitive to gamblers, with ramifications for horse racing's bottom line. In the Senate's version of the bill, deductions for gambling winnings will be limited to 90% of annual losses. Currently, gamblers can deduct 100% of wagering losses (below a net profit) for any given year. As NBC Sports describes it, "$100,000 in winnings against $100,000 in losses will be treated for tax purposes as if the losses...

The 1,116-page bill the House passed early Thursday morning could have a profound effect on the horse racing industry. Currently, horse owners can only write off 40 percent of the cost of a race horse once it enters service. Under the Trump bill, the write-off, known as bonus depreciation, will be 100% for five years. With the bill now headed to the Senate, there is some speculation that the 100 percent deduction will be made permanent. The Tax Cuts and Jobs Act of 2017 increased bonus depreciation to 100% until...