To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings.

This bill provides that no tax information return for winnings from one slot machine play shall be required unless the winnings are at least $5,000 (without reduction for the amount wagered). This threshold amount is adjusted for inflation for calendar years beginning after 2023.

Bill 117 HR 6937, also known as the "Slot Winnings Reporting Threshold Act," aims to amend the Internal Revenue Code of 1986 in order to raise the information reporting threshold for slot machine winnings. Currently, individuals who win $1,200 or more from a single slot machine spin are required to report their winnings to the IRS. This bill proposes to increase that threshold to $5,000.

The purpose of this legislation is to reduce the burden on both taxpayers and casinos by decreasing the number of small winnings that need to be reported to the IRS. Supporters of the bill argue that the current reporting threshold is outdated and overly burdensome, especially considering the prevalence of electronic slot machines that can result in frequent small payouts.

If passed, this bill would provide relief to both individual taxpayers and casinos, allowing them to focus on larger winnings and reducing the administrative costs associated with reporting smaller payouts. It is important to note that this bill does not change the tax liability of individuals who win at slot machines, but rather adjusts the reporting requirements to better reflect the current gambling landscape.