Text of Senate Amendment 4248

On 2026-01-28, Senator Catherine Cortez Masto (D-NV) delivered a floor speech titled "Text Of Senate Amendment 4248" in the Senate. The speech addressed the economy. It referenced legislation including HR7148, S354.

Text of Senate Amendment 4248

Congressional Record, Volume 172 Issue 20 (Wednesday, January 28, 2026) [Congressional Record Volume 172, Number 20 (Wednesday, January 28, 2026)] [Senate] [Page S354] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 4248. Ms. CORTEZ MASTO (for herself and Mr. Cruz) submitted an amendment intended to be proposed by her to the bill H.R. 7148, making further consolidated appropriations for the fiscal year ending September 30, 2026, and for other purposes; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: reinstatement of rules for wagering losses Sec. __. (a) In General.--Section 165(d) of the Internal Revenue Code of 1986 is amended to read as follows: ``(d) Wagering Losses.--Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, the term `losses from wagering transactions' includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.''. (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2025. ______