A bill to amend the Internal Revenue Code of 1954 to simplify certain requirements regarding withholding and reporting at the source and to correct inequities regarding carryover of losses.

openUnited States· United States Congress· EN

Introduced

18 November 1981

Last action

—

Status

Committee on Finance requested executive comment from OMB; Treasury Department.

Summary

Amends the Internal Revenue Code to repeal the withholding of tax requirements with respect to gambling winnings. Requires information returns for gambling winnings for payment of $10,000 or more. Defines "gambling winnings" as the proceeds of: (1) a State lottery; (2) a parimutuel pool, if the amount of proceeds is at least 300 times as large as the amount wagered; (3) keno; (4) bingo; or (5) slot machines. Provides a three year carryover and carryback for net gambling losses.

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Versions

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Documents

1 official file

Introduced in Senate
summary · EN · 18 November 1981
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/senate-bill/1861
Open data entity: https://api.congress.gov/v3/bill/97/s/1861