**The 90% cap on gambling loss deductions under Section 165(d) took effect for tax year 2026 following its inclusion in the One Big Beautiful Bill Act, signed July 4, 2025.** Multiple repeal efforts, including the FAIR BET Act (Rep. Dina Titus, D-NV) and the bipartisan FULL HOUSE Act (Reps. Max Miller, R-OH, and Steven Horsford, D-NV), have been introduced since mid-2025 but stalled in committee or blocked by the House Rules Committee in early 2026. Senate companion measures and amendment attempts, such as those tied to appropriations or unanimous consent requests, have likewise failed to advance. **Legislative barriers include the need for budget offsets under reconciliation rules, competing priorities, and insufficient momentum for standalone passage.** As of late August 2026, the IRS continues implementing the cap through proposed regulations, with no enacted reversal or scheduled vote that would restore full deductibility before the end of 2026. Industry groups and Nevada lawmakers continue advocacy, but repeated setbacks reinforce trader expectations that the provision will remain in place through the relevant period.