S. 2230 — Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act

This section revises the limitation on wagering losses under Section 165(d) of the Internal Revenue Code to explicitly include any deduction otherwise allowable under the tax code that is incurred in carrying on a wagering transaction (i.e., all wagering-related deductions allowable only to the extent of wagering gains), for taxable years beginning after December 31, 2025.