Relates to the itemized deduction for gambling losses

◆ The sponsor's argument

Why Andrew Gounardes says this is needed

New York State currently allows PIT filers to itemize and deduct a series of miscellaneous expenses, which are not subject to a two percent AGI limitation, such as gambling losses. While gambling losses are included in a broad category of miscellaneous deductions not subject to the two percent cap, and so DTF does not provide fiscal data for gambl- ing losses in particular, we know that in 2015, 68,000 taxpayers deducted $900 million in qualified losses from their New York returns. New York subsidizes gambling losses at a currently unknown level despite the fact that other states (CT, IL, IN, KS, MA, MI, NC, OH, RI, WV, and WI) do not allow this deduction. This tax break is particularly egregious in light of the explosive growth in gambling since the launch of online sports betting. Since its launch in January of 2022, the total mobile sports wagering handle (sum of bets wagered) has grown from nearly $1.7 billion a month to $2.3 billion a month.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.