HB 14 North Carolina House · 2025-2026 Session

Gambling Loss Tax Deduction, NC Sound Money Act.

HB 14 allows North Carolina taxpayers who itemize deductions to claim a state income tax deduction for gambling losses, aligning with federal tax treatment. It directly affects individual taxpayers who itemize deductions on their North Carolina state tax returns and have wagering losses exceeding winnings. The bill amends state tax code to explicitly permit deducting gambling losses under Section 165(d) of the federal tax code, subject to federal rules. This change takes effect for taxable years beginning January 1, 2024. The bill does not alter federal tax rules or affect taxpayers using the standard deduction.

Issues: ✓ Budget & Taxes

Bill status died 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 29, 2025 Last action Jun 25, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

Edition 1 → Edition 2 · 5 edits

MODERATE

The bill was updated to include a new 'North Carolina Sound Money Act' alongside the gambling loss deduction. This addition allows investment coins and bullion to be recognized as legal tender in the state while protecting consumers from being forced to accept them. The effective date for this new provision was also adjusted to October 1, 2025.

Scope change

The bill's scope expanded from solely allowing a tax deduction for gambling losses to also establishing legal tender rules for specific investment coins and bullion.

SCOPE

Added the 'North Carolina Sound Money Act' to permit the use of specific investment coins and bullion as legal tender.

DEFINITION

Defined 'investment coins' and 'investment metal bullion' to include numismatic coins and refined precious metals with values based on content rather than form.

REQUIREMENT

Established that no person can be required to accept these new legal tenders for debts or other purposes, except by contract.

TIMELINE

Changed the effective date for the new Sound Money Act provisions from January 1, 2025, to October 1, 2025.

TECHNICAL

Updated the bill header to reflect it as a 'Committee Substitute' and included a new short title.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jun 25, 2025

Committee

Re-ref Com On Finance

lower

Jun 25, 2025

Lower · Passed

Reptd Fav Com Substitute

lower

Jun 24, 2025

Committee

Re-ref Com On Rules, Calendar, and Operations of the House

lower

Mar 4, 2025

Committee

Re-ref Com On Finance

lower

Mar 4, 2025

Lower · Passed

Reptd Fav

lower

Feb 3, 2025

Committee

Re-ref to the Com on Commerce and Economic Development, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House

lower

Jan 30, 2025

Committee

Ref To Com On Rules, Calendar, and Operations of the House

lower

Jan 29, 2025

Introduced

Filed

lower

3 primary · 11 co-sponsors