The proposed bill, General Assembly Proposed Bill No. 183, aims to amend section 12-701 of the general statutes to introduce a personal income tax deduction 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 intent of this legislation is to provide financial relief to taxpayers who engage in gambling by allowing them to deduct their losses from their taxable income, thereby potentially reducing their overall tax liability. This change is expected to create a more equitable tax treatment for individuals who gamble, acknowledging the risks and losses associated with such activities.