I 118TH CONGRESS 1ST SESSION H. R. 3125 To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings. IN THE HOUSE OF REPRESENTATIVES MAY 5, 2023 Ms. TITUS (for herself, Mr. RESCHENTHALER, Mr. VAN DREW, Mr. COLE, Mr. AMODEI, Mr. KELLY of Pennsylvania, Mr. JOHNSON of South Da- kota, and Mr. HORSFORD) introduced the following bill; which was re- ferred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. REPORTING THRESHOLD FOR SLOT MACHINES. 3 (a) IN GENERAL.—Section 6041 of the Internal Rev- 4 enue Code of 1986 is amended by adding at the end the 5 following new subsection: 6 ‘‘(h) SLOT MACHINES.— 7 ‘‘(1) IN GENERAL.—No return shall be required 8 under subsection (a) in the case of a payment in the 9 VerDate Sep 11 2014 05:29 May 19, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3125.IH H3125 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3125 IH course of a trade or business of winnings from one 1 slot machine play unless the winnings from one such 2 play are at least $5,000 (without reduction for the 3 amount wagered). 4 ‘‘(2) INFLATION ADJUSTMENT.—In the case of 5 payments in any calendar year beginning after 2024, 6 the $5,000 amount in paragraph (1) shall be in- 7 creased by an amount equal to— 8 ‘‘(A) such dollar amount, multiplied by 9 ‘‘(B) the cost-of-living adjustment deter- 10 mined under section 1(f)(3) for the calendar 11 year in which the taxable year begins, deter- 12 mined by substituting ‘2023’ for ‘2016’ in sub- 13 paragraph (A)(ii) thereof. 14 If any increase determined under the preceding sen- 15 tence is not a multiple of $100, such increase shall 16 be rounded to the nearest multiple of $100.’’. 17 (b) EFFECTIVE DATE.—The amendment made by 18 this section shall apply to payments after December 31, 19 2023. 20 Æ VerDate Sep 11 2014 05:29 May 19, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3125.IH H3125 kjohnson on DSK79L0C42PROD with BILLS