Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 28, 2025 |
reported and committed to finance |
May 13, 2025 |
referred to budget and revenue |
Senate Bill S7876
2025-2026 Legislative Session
Sponsored By
(D) 26th Senate District
Current Bill Status - In Senate Committee Finance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2025-S7876 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §615, Tax L
2025-S7876 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7876 SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the tax law, in relation to the itemized deduction for gambling losses PURPOSE OR GENERAL IDEA OF BILL: This bill would eliminate the ability for New York State Personal Income Tax Fillers to take the itemized deduction for gambling losses SUMMARY OF PROVISIONS: Section One of this bill adds a new subsection (h) by amending Section 615 of the tax law to eliminate the deduction of gambling losses for fillers of personal income tax Section Two provides for an effective date
2025-S7876 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7876 2025-2026 Regular Sessions I N S E N A T E May 13, 2025 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to the itemized deduction for gambling losses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 615 of the tax law is amended by adding a new subsection (h) to read as follows: (H) NOTWITHSTANDING SUBSECTION (A) OF THIS SECTION, THE NEW YORK ITEM- IZED DEDUCTION FOR GAMBLING LOSSES SHALL BE ZERO PERCENT OF THE AMOUNT ALLOWED UNDER §165(D) OF PART VI OF SUBCHAPTER B OF CHAPTER 1 OF SUBTI- TLE A OF THE INTERNAL REVENUE CODE. § 2. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2025. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10997-02-5
Comments
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I just listened to the standing committee meeting on Budget and Revenue where this bill was discussed. There was a lot of misinformation being shared. The TCJA did not change the federal law for allowing the deduction of gambling losses. You are still allowed to deduct your gaming losses to the extent that you have gambling wins. This bill would deviate from the federal law significantly. For simplicity purposes, if you placed $100,000 in bets during the year, and won $40,000 of them and lost $60,000 of them, you would have lost $20,000 during the year. Under the federal law and current New York State law, you would include $40,000 of income and only be allowed to deduct $40,000 of losses so you aren’t getting a benefit for the money that you lost. However, under this new bill, you would need to include $40,000 of income on your tax return and would not be able to deduct any losses. Therefore, even though you lost money over the year, you would owe a significant tax liability which would not make sense. It didn’t seem the committee fully understood this. This would cause many people to owe tax on money they did not earn and do not have and cause a lot of issues.