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AI Summary: The bill aims to amend the Internal Revenue Code to modify rules related to pari-mutuel wagering. It proposes changes to the tax treatment of winnings from certain bets placed at racetracks, off-track betting facilities, and other venues. The key provisions include adjusting how winnings are calculated to include the full amount wagered in determining payouts, rather than just the initial bet amount. This adjustment seeks to provide clarity and consistency in tax reporting for both bettors and operators involved in pari-mutuel wagering activities. The bill intends to simplify tax compliance for individuals engaged in these types of betting while ensuring accurate reporting of income related to such wagers.
Latest Action: Bill Number Assigned
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Actions (22):
2024-02-14 : Bill Number Assigned
2024-02-15 : Received for Introduction
2024-02-16 : Introduced and Referred to S06 - Travel 29-2-0-0-0
2024-02-20 : S06 - Travel:Recommend Do Pass 5-0-0-0-0
2024-02-20 : Placed on General File
2024-02-23 : COW:Passed
2024-02-26 : 2nd Reading:Passed
2024-02-27 : 3rd Reading:Passed 21-10-0-0-0
2024-02-28 : Received for Introduction
2024-02-28 : Introduced and Referred to H06 - Travel
2024-02-29 : H06 - Travel:Recommend Do Pass 7-0-2-0-0
2024-02-29 : Placed on General File
2024-03-04 : COW:Passed
2024-03-05 : 2nd Reading:Passed
2024-03-06 : 3rd Reading:Passed 51-11-0-0-0
2024-03-07 : Received for Concurrence
2024-03-07 : Concur:Passed 22-8-1-0-0
2024-03-07 : Assigned Number SEA No. 0049
2024-03-07 : President Signed SEA No. 0049
2024-03-07 : Speaker Signed SEA No. 0049
2024-03-21 : Governor Signed SEA No. 0049
2024-03-21 : Assigned Chapter Number 104
Democrat Republican
74%
26%
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