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To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings.
12/30/2023, 8:15 AM
Summary of Bill HR 3125
Bill 118 hr 3125, titled "To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings," aims to make a change to the tax laws regarding gambling winnings. Currently, individuals who win a certain amount of money from playing slot machines in casinos are required to report those winnings to the IRS. This bill proposes to increase the threshold at which these winnings must be reported.
The bill seeks to raise the reporting threshold for slot machine winnings from the current amount of $1,200 to a higher amount. This means that individuals who win less than the new threshold amount would not be required to report their winnings to the IRS. The exact new threshold amount is not specified in the bill text.
The purpose of this change is to reduce the burden on both taxpayers and the IRS by decreasing the number of small gambling winnings that need to be reported. By raising the reporting threshold, the bill aims to streamline the reporting process and make it more efficient for both taxpayers and the IRS. Overall, Bill 118 hr 3125 seeks to make a targeted change to the tax laws related to gambling winnings in order to simplify the reporting process and reduce administrative burdens.
The bill seeks to raise the reporting threshold for slot machine winnings from the current amount of $1,200 to a higher amount. This means that individuals who win less than the new threshold amount would not be required to report their winnings to the IRS. The exact new threshold amount is not specified in the bill text.
The purpose of this change is to reduce the burden on both taxpayers and the IRS by decreasing the number of small gambling winnings that need to be reported. By raising the reporting threshold, the bill aims to streamline the reporting process and make it more efficient for both taxpayers and the IRS. Overall, Bill 118 hr 3125 seeks to make a targeted change to the tax laws related to gambling winnings in order to simplify the reporting process and reduce administrative burdens.
Congressional Summary of HR 3125
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 2024.
Read the Full Bill
Current Status of Bill HR 3125
Bill HR 3125 is currently in the status of Bill Introduced since May 5, 2023. Bill HR 3125 was introduced during Congress 118 and was introduced to the House on May 5, 2023. Bill HR 3125's most recent activity was Referred to the House Committee on Ways and Means. as of May 5, 2023
Bipartisan Support of Bill HR 3125
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
20Democrat Cosponsors
4Republican Cosponsors
16Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3125
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 3125
To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings.
To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings.
Comments
Sponsors and Cosponsors of HR 3125
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