The 90% cap on gambling loss deductions took effect for tax year 2026 under the One Big Beautiful Bill Act enacted in July 2025. Bipartisan legislation such as the FULL HOUSE Act, advanced by the House Ways and Means Committee on a 38-5 vote in September 2026 as part of a larger tax package, seeks to restore the prior 100% deduction retroactively. However, the measure has not reached a full House floor vote, lacks a Senate timetable, and faces calendar pressures with Congress nearing recess and the end of the 2026 session. Industry advocacy and recent statements from sponsors have kept the issue visible, yet the absence of further procedural movement supports trader consensus that repeal is unlikely before 2027.