HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Places » U.S. » Oregon (Group) » Oregon Senate Votes to Dr...

Tue Apr 9, 2019, 02:42 PM

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 ďalters the stateís tax code to reflect Oregonís values better.Ē 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: ďOregonians value education more than protecting gamblers from being able to claim their losses. This is a disconnection from the federal tax code to reflect Oregonís 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 filerís federal taxes.

Read more: https://www.usaonlinecasino.com/casino-news/oregon-senate-votes-to-drop-gambling-losses-as-a-tax-deduction/

2 replies, 679 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 2 replies Author Time Post
Reply Oregon Senate Votes to Drop Gambling Losses as a Tax Deduction (Original post)
TexasTowelie Apr 2019 OP
dem4decades Apr 2019 #1
TheFarseer Apr 2019 #2

Response to TexasTowelie (Original post)

Tue Apr 9, 2019, 02:50 PM

1. So if you have won money you pay but can't deduct losses against it?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TexasTowelie (Original post)

Tue Apr 9, 2019, 03:14 PM

2. How is this different than

Making people pay on stock gains but not allowing the reporting of stock losses? Not sure this is fair.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread