LIMITATION ON WAGERING LOSSES.

SEC. 11050. LIMITATION ON WAGERING LOSSES.(a) In General.—Section 165(d) is amended by adding at the end the following: “For purposes of the preceding sentence, in the case of taxable years beginning after December 31, 2017, and before January 1, 2026, 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 amendment made by this section shall apply to taxable years beginning after December 31, 2017.