A long-shot effort to restore the full federal tax deduction for gambling losses fell short on Capitol Hill this week.
The House Rules Committee declined to advance an amendment to a larger spending bill that would restore a gambler’s ability to deduct 100 percent of losses on annual tax filings.
U.S. Rep. Dina Titus, D-Nev., whose bipartisan-supported FAIR BET Act would restore the full tax deduction, pushed for the inclusion of a comparable proposal to be included in the Consolidated Appropriations Act, which passed the House on Thursday and has been sent to the Senate.
Under tax changes approved last year as part of the One Bill Beautiful Bill Act, bettors will be limited to deducting up to 90 percent, a shift industry…