S 441
99th Congress
Senate
Taxation
Gambling
Gambling and Lotteries
Income tax
Withholding tax
A bill to amend the Internal Revenue Code of 1954 to revise the withholding rules relating to certain pari-mutuel wagering payouts.
Introduced: February 7, 1985
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 14, 1985
Committee on Finance requested executive comment from OMB, Treasury Department.
Feb 7, 1985
Read twice and referred to the Committee on Finance.
Feb 7, 1985
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to increase the threshold amount to $5,000 (currently $1,000) for purposes of determining the necessity of withholding tax on certain wagering activities. Phases in this increased threshold amount over a period of five years.
What's happening now
Committee on Finance requested executive comment from OMB, Treasury Department.
Committees of jurisdiction
1
Cosponsors
1