A House committee voted 38-5 to undo the 90% cap on gambling loss deductions and restore a 100% deduction retroactive to Jan. 1, 2026, a move that could reverse taxable “phantom” income for some players.
The House Ways and Means Committee approved legislation that would repeal the new 90% cap on gambling loss deductions, but the change still needs House, Senate and presidential approval before 2027.
