Oregon Senate Votes to Drop Gambling Losses as a Tax Deduction
Recently, the Oregon Senate voted to prioritize students over individuals who claim gambling losses on their state taxes.
Senate Bill 212 was passed by a 16-10 vote on the Senate floor. According to a news release, Oregon Senate Democrats states that the bill “alters the state’s tax code to reflect Oregon’s values better.” The law eliminates the wagering loss deduction from the state tax code and is a disconnection from the federal code in that regard. Bill 212 also establishes deductions for student tuition in the Oregon tax code.
Senator Mark Hass (B-Beaverton) carried the bill to the floor of the Senate. Hass stated: “Oregonians value education more than protecting gamblers from being able to claim their losses. This is a disconnection from the federal tax code to reflect Oregon’s values better and take ownership over how we prioritize who should be at the front of the line for tax breaks.
Congress maintained a tax deduction for betting losses in 2017; this is commonly referred to as the gambling loss deduction and permits taxpayers to deduct their wagering losses to the extent they offset winnings. This applies to both recreational and professional gamblers. The state of Oregon connects to this deduction automatically because Oregon has a rolling connection to the federal tax code. The new law will disconnect Oregon from that specific deduction and will be available in filer’s federal taxes.
Read more: https://www.usaonlinecasino.com/casino-news/oregon-senate-votes-to-drop-gambling-losses-as-a-tax-deduction/
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