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New York Moves to End Gambling Loss Deductions, Eyeing $50 Million Boost
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2 days ago
New York lawmakers are revisiting a measure that would bar residents from deducting any gambling losses on their state income-tax returns, a change projected to raise roughly $50 million annually. Senate Bill 7876, introduced in May by Democratic Sen. Andrew Gounardes, cleared the Budget and Revenue Committee in May but was not taken up before the legislature adjourned on 18 June. Because bills roll over to the second year of the session, the proposal will automatically be reintroduced when lawmakers reconvene in January, and it could also surface sooner if Gov. Kathy Hochul calls the special budget session she has signalled for the fall. Supporters argue the state should not “subsidize” gambling by offsetting losses, noting that at least a dozen other states—including Connecticut, Illinois and Michigan—already restrict or prohibit the write-off. Opponents counter that the ban would punish both professional gamblers and casual bettors who already saw their federal deductions trimmed this month when the newly enacted One Big Beautiful Bill Act limited loss write-offs to 90 percent of winnings. The federal curbs have prompted Nevada Democrat Dina Titus to introduce the FAIR BET Act, which would restore the full 100 percent deduction nationwide. If New York proceeds with its ban, residents could face a double hit, paying taxes on gambling income that can no longer be fully offset at either the state or federal level.
Prediction markets for Kathy Hochul
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6
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25
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6
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197
🗳️Who would Manifold vote for over both Trump AND Biden/Kamala in 1-on-1 presidential elections? [ADD RESPONSES]
Apr 13, 5:48 PMSep 23, 3:59 AM
11318780
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Who will become the next governor of New York after Kathy Hochul?
Jul 6, 9:00 PMJul 11, 8:59 PM
112184
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Will Kathy Hochul complete her current term in office as Governor of NY?
Oct 13, 11:08 AMJan 1, 4:59 AM
92.66%chance
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30
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