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A reversal of the federal gambling loss limit under the OBBBA is among the tax measures Congress could consider during its lame-duck session, according to BDO.
The tax-policy analysis, published Nov. 5, places the gambling provision alongside potential digital asset tax reform, IRS reform and tax extenders. No West Virginia-specific change was reported.
Projected Congressional Shift Puts Focus on Bipartisan Tax Bills
BDO said Democrats were projected to win both the House and Senate, ending two years of Republican single-party control. Those projections had not yet become certified results at publication.
Rep. Richard Neal was expected to chair the House Ways and Means Committee, while Sen. Ron Wyden was expected to lead the Senate Finance Committee.
BDO said Democrats would lack the 60 Senate votes needed to overcome filibusters, making bipartisan support important for tax legislation in the next Congress.
Funding Deadline Offers a Potential Tax Vehicle
For the lame-duck session, BDO identified a government funding agreement as a possible vehicle for bipartisan tax provisions, including the gambling loss limit reversal. Other potential items include a film credit and tax treatment for Taiwan.
Congress is scheduled to return Nov. 9, ahead of the Dec. 11 government funding deadline.
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Source: As reported by BDO.
