Internet Gambling Licensing and Regulation Commission Act - Establishes the Internet Gambling Licensing and Regulation Study Commission to conduct a comprehensive study of the existing legal framework governing Internet gambling and the issues involved with the licensing and regulation of Internet gambling.Requires matters studied to include: (1) a review of existing laws governing wagering over the Internet; (2) the impact of Internet gambling with respect to problem gambling, the availability of gambling to minors, and its susceptibility to money laundering by terrorists or criminal enterprises; (3) the potential of regulatory measures to minimize adverse impacts of Internet gambling; (4) an evaluation of the personal use of credit, credit cards, electronic fund transfers, and bank instruments to fund Internet gambling; (5) federalism issues; (6) the problems of unregulated international Internet wagering and Federal options in seeking international cooperation; and (7) an assessment of European Union member state activities to regulate and license Internet gambling.Requires the Commission to issue proposed changes which: (1) preserve the prerogatives of States and tribal sovereignty; (2) include measures to minimize adverse impacts of Internet gambling and to eliminate the disparate treatment of various forms of Internet gambling (with an exception); (3) provide for the appropriate taxation of Internet gambling enterprises; (4) provide for the licensing of enterprises both within and outside of the United States; (5) remain consistent with U.S. goals, principles, and obligations in other international negotiations governing electronic commerce; and (6) include measures to discourage, prohibit, or prevent U.S. citizens from wagering with unlicensed Internet gambling operations outside the United States.
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