A bill to amend the Internal Revenue Code of 1954 to simplify certain requirements regarding withholding and reporting at the source and to correct inequities regarding carryover of losses.

Amends the Internal Revenue Code to repeal the withholding of tax requirements with respect to gambling winnings.

Requires information returns for gambling winnings for payment of $10,000 or more. Defines "gambling winnings" as the proceeds of: (1) a State lottery; (2) a parimutuel pool, if the amount of proceeds is at least 300 times as large as the amount wagered; (3) keno; (4) bingo; or (5) slot machines.

Provides a three year carryover and carryback for net gambling losses.