North Carolina gamblers would be able to deduct losses on their state taxes under a bill the state House Commerce and Economic Development Committee discussed Tuesday.
North Carolina taxes winnings, but gamblers are not able to deduct their losses, bill sponsors said.
Rep. Keith Kidwell (R-Beaufort) is a gambling opponent who cosponsored House Bill 14.
“This is not a gambling bill,” he said. “This is a fairness in taxation bill.”
The change would bring North Carolina in line with federal tax law, said Rep. Erin Pare, (R-Wake).
If a bettor won $10,000 in a year but also lost $10,000, the bettor would owe state income tax on the $10,000 even though they just broke even, Pare said. The law leaves bettors with tax bills they may not be able to pay.
The bill would benefit people who bet big and itemize their deductions, Kidwell said.
Rev. Mark Creech, lobbyist for the conservative group Return America, opposed the bill.
It “reduces the immediate financial impact of losing money,” he said, and “lowers the deterrent to risky behavior.”
Online sports betting became legal in the state in March 2024.
James Joyce of Holly Springs said he and friends began betting on sports online last year, but stopped when they discovered they could not deduct their losses.
“Taxing winnings without allowing loss deductions is completely unjust,” he said. “This punishes responsible bettors.”
The committee heard discussion of the bill but did not vote.
Hence then, the article about house bill would allow bettors to deduct losses on nc taxes was published today ( ) and is available on NC news line ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( House bill would allow bettors to deduct losses on NC taxes )
Also on site :
- I-70 closed in Glenwood Canyon for safety concerns, police activity
- Russian cat becomes world champion 2025
- I-70 closed in Glenwood Canyon after shooting involving deputies, homicide suspect on loose