Increased Tax Reporting Threshold for Slot Machine Winnings
This bill raises the threshold at which businesses must report slot machine winnings to the IRS. The new limit is set at $5,000 per single play, meaning citizens winning smaller amounts will receive fewer automatic tax reporting forms. This change takes effect for payments made after December 31, 2025, and the threshold will be adjusted for inflation annually.
Key points
The mandatory reporting threshold for slot machine winnings is increased from the current level to $5,000 per single play.
Citizens will receive fewer automatic tax forms (W-2G) for winnings between the old and new reporting limits.
The $5,000 limit will be automatically adjusted for inflation starting in 2027 to maintain its value over time.
Status:
Introduced
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