To amend the Internal Revenue Code of 1986 to repeal the occupational tax on gambling with respect to wagers authorized under State law.

H.R. 2854 is a proposal to eliminate a specific federal tax currently imposed on legal gambling activities. Under existing law, the federal government collects an occupational tax from businesses and individuals who accept wagers that are already authorized and regulated by state laws. By repealing this tax, the bill aims to reduce the federal financial burden on legal gaming operators, potentially allowing those businesses to retain more revenue or offer more competitive odds to consumers.