Amends the Internal Revenue Code to exclude from the tax on unrelated trade or business income the conducting of qualified games of chance by certain tax exempt organizations. Describes such games as any game: (1) that does not violate State or local law; (2) that the conduct of which by for-profit organizations would violate such law; and (3) where no substantial part of the work is performed by individuals principally engaged to perform gaming services for hire.
Increases the rate of withholding tax on certain gambling winnings from 20 percent to 28 percent.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-703.
Reported by the Committee on Ways and Means. H. Rept. 102-703.
Placed on the Union Calendar, Calendar No. 396.
Mr. Gibbons moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
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