Senate Republicans on Thursday objected to quick passage of legislation that would restore full deductibility of wagering losses after Nevada Democrat Catherine Cortez Masto made the unanimous consent request.
The bill from Cortez Masto would fix a provision enacted in the massive reconciliation package last week that would allow only 90 percent of gambling losses to be deducted against any winnings, estimated to raise $1.1 billion over a decade.
The provision would lead to situations in which gamblers would face taxes even if they broke even for the year, which Cortez Masto and other critics argue would kill tourism in Nevada and drive the industry offshore. The bill would repeal the 90 percent limitation and allow 100 percent of losses to be netted out against winnings, as in current law.
