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 tax requirements with respect to gambling winnings.

Requires information returns for gambling winnings only for payments of $10,000 or more.

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