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

SB 183 would allow individual taxpayers to deduct gambling losses from their taxable income when they report gambling winnings. This directly affects people who gamble and have taxable winnings, such as those who win money at casinos, lotteries, or sports betting. The bill establishes a mechanism where losses can be subtracted from winnings to reduce the overall tax liability, meaning taxpayers would only pay income tax on their net gambling profit (winnings minus losses). The bill does not change the tax treatment of gambling winnings themselves, only allowing losses to offset those winnings for tax purposes.