The proposed bill, General Assembly Proposed Bill No. 5551, aims to amend section 12-701 of the general statutes to introduce a personal income tax deduction specifically for gambling losses incurred by taxpayers. This deduction would allow individuals to offset their taxable winnings with the losses they have experienced from gambling activities.

The bill does not specify any deletions from current law but focuses on the insertion of the new legal language that establishes this deduction. The intent of the legislation is to provide financial relief to taxpayers who engage in gambling, ensuring that their losses can be accounted for when calculating their taxable income.