Retaining a small tax change made in the so-called One Big Beautiful Bill could have a big impact on Nevada if it's not repealed, experts at a town hall said Monday.

Las Vegas

Las Vegas officials and gaming experts have expressed concern over a proposed change in federal tax law that would affect the ability of gamblers to deduct their losses. At a recent town hall, Congresswoman Dina Titus and a panel of experts warned that the change, introduced in the Senate, could discourage gambling in Las Vegas and prompt players to seek offshore alternatives.

Former Nevada State Senator Becky Harris emphasized that gambling loss deductions are similar to other business deductions, such as stock losses, and are important for those who gamble. While Congress has some time to address the issue before the change takes effect, bipartisan support exists for repealing the provision. However, no legislative action has been taken yet.

Gambling tax change will hurt Las Vegas

Hey, Abel and Tricia, we heard not only from Congresswoman Dina Titus today at this town hall, from also a panel of gaming and tax law experts, all of whom warned that this small change in tax law could have a big impact right here in Las Vegas. Now, Congresswoman Titus went out of her way to point out that this provision was inserted into the bill in the Senate, not the House, and panel members said that players prefer to gamble here in the United States, but definitely will consider playing offshore if this provision isn't changed. Becky Harris is a former Nevada State Senator, former chairwoman of the Gaming Control Board, and also a gaming law expert at UNLV. She said that gambling tax deductions are no different than any other business. I think the ability to deduct your gambling losses is really no different than deducting your stock losses, and I think that it's something that's critical for people who engage in that activity and something that we should continue to do. For her part, Titus said that Congress has time to act, but she wants to move quickly, perhaps inserting the language in her bill into a larger bill that has to pass by the end of this year. Take a listen. I'm pretty optimistic that when we go back, we may have a chance to fix this. Now, remember, we've got a year and a half because it doesn't go into effect until next year's taxes, which you don't file until the following April. So we have a little time, but we don't want to drag around, we want to get it done. Now Titus and Harris both said that if the deduction is not repealed, the impact is not just on gaming taxes and gaming revenue to the state of Nevada, but on all taxes that gamblers pay when they come here to Las Vegas. Well back out live here at City Hall, we've heard from both Democrats and Republicans, including the chairman of the House Ways and Means Committee, that this provision should be repealed. But so far, we haven't seen any movement to actually do it. I'll keep following this issue and bring you updates as they happen. For now, reporting at Las Vegas City Hall, I'm Steve Sebelius.

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Washington

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Brussels

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