Relates to the itemized deduction for gambling losses

This New York bill (S 7876) eliminates the state tax deduction for gambling losses. It directly affects New York taxpayers who itemize deductions and claim gambling losses on their state returns. The law changes the tax code to set the state deduction for gambling losses at zero percent of the federal amount allowed under IRS rules. This means taxpayers can no longer deduct gambling losses from their New York state taxable income, effective for tax years beginning January 1, 2025. The change applies to all such taxpayers regardless of their gambling activity level.