The 90% cap on gambling loss deductions, enacted in the 2025 One Big Beautiful Bill Act and effective for tax years beginning after December 31, 2025, remains in place as of mid-October 2026. A provision to restore full deductibility up to winnings passed the House Ways and Means Committee on September 16 by a 38-5 vote as Title VII of H.R. 10357, but the measure still requires a full House vote, Senate passage, and presidential approval. With Congress in recess until after the November midterms and no floor schedule announced, lawmakers face a compressed timeline before the 2027 effective date and the end of the current session. Bipartisan sponsors from Nevada continue pressing for action, yet revenue concerns and competing priorities have left the outcome uncertain, aligning with traders’ current assessment that repeal will not occur before 2027.