Senate targets Trump’s Big Beautiful Bill with FULL HOUSE Act
The US Senate is getting ready to take up a new bill that would roll back a controversial change to tax deductions for gambling losses. This comes after President Donald Trump signed the “One Big Beautiful Bill Act” into law.
Senate Bill 2230, called the Facilitating Useful Loss Limitations to Help Our Unique Service Economy or FULL HOUSE Act, was introduced on Wednesday (July 9) by Democratic Senators Catherine Cortez Masto and Jacky Rosen along with Republican Senator Ted Cruz.
The bill seeks “to amend the Internal Revenue Code of 1986 to reinstate the rules for wagering losses.”
Under the proposed legislation, Section 165(d) of the Internal Revenue Code would be revised to read: “Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, the term ‘losses from wagering transactions’ includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.”
The act is meant to reverse limits put in place by the previous tax overhaul, which stopped professional gamblers from deducting certain expenses beyond their gambling winnings. If passed, the change would take effect for taxable years starting after December 31, 2025.
Senators Cortez Masto and Rosen, who represent Nevada’s large gaming industry, say the bill is vital for supporting workers and businesses in states that rely on tourism and entertainment. Senator Cruz’s backing adds a layer of bipartisan support to the effort.
The bill comes in response to growing concerns from the gaming industry about the economic fallout from the stricter deduction rules included in the “One Big Beautiful Bill Act,” which was signed into law last week.
How is the FAIR BET Act different to the FULL HOUSE Act?Nevada Democratic Representative Dina Titus filed her own bill on Monday called the FAIR BET Act to repeal the change.
The FAIR BET Act would amend the wording in the One Big Beautiful Bill Act from “90 percent” back to “100 percent” in an effort to restore the previous law. The bill has been filed in the House and sent to the Ways and Means Committee, but there is no hearing date yet.
A reminder for my friends in the Senate: Revenue bills must originate in the House, per the Constitution. Any bill or unanimous consent action in the Senate would be just for show. My FAIR BET Act is the real fix to the Senate’s error in lowering the gambling loss deduction to…
— Dina Titus (@repdinatitus) July 8, 2025
Reacting to Senator Cortez Masto’s bill, Titus said on X, “Any bill or unanimous consent action in the Senate would be just for show. My FAIR BET Act is the real fix to the Senate’s error in lowering the gambling loss deduction to 90%.”
Experts told ReadWrite earlier this week that Trump’s bill could “discourage participation in legal gaming markets.”
The Senate Finance Committee is expected to consider the FULL HOUSE Act on Thursday.
ReadWrite has reached out to Senator Catherine Cortez Masto’s office for comment.
Featured image: Grok / Gage Skidmore
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