AN ACT ESTABLISHING A PERSONAL INCOME TAX DEDUCTION FOR CERTAIN GAMBLING LOSSES.

HB 5551 would allow individual taxpayers to deduct gambling losses on their state income tax returns, but only to offset taxable gambling winnings they've already reported. This directly affects residents who itemize deductions and have gambling winnings that exceed their losses. The bill amends tax code to establish this deduction, meaning taxpayers could reduce their taxable income by the amount of their gambling losses up to the value of their reported winnings.