NC legislators discuss gambling loss tax deduction bill

Lawmakers in North Carolina have considered legislation that could allow tax deductions on gambling losses, according to a local news report from North Carolina Public Radio (NCPR).

Rep. Erin Paré has put this proposal before legislators but noted that it “is not a gambling bill.”

“Even though there’s gambling in the title, this is not a gambling bill — so this is a fair tax bill,” Paré explained to NCPR. “North Carolina law says that I have to pay income tax on what I won, not taking into account of what I lost, but federal law says that I can deduct my losses capped at my winnings.”

Another bill went before lawmakers earlier this week and would reduce taxes on tips, as well as on overtime pay if passed.

According to the local report, the bill is like a federal proposal by President Donald Trump and would “allow workers to deduct up to $2,500 in tips, bonus or overtime income from their state taxes.”

The bill’s sponsor, Rep. Harry Warren, commented to local news, “There are about 20 other states that have at least 20 bills doing the same thing, and they’re all looking at it from their individual situations.

“There’s at least four of them in the US Congress pertaining to it on a federal level, and so it’s a work in progress.”

The House Commerce and Economic Development Committee plans to vote on both tax bills during its next meeting, the local report said.

Laura Mack

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