Text: H.R.2918 — 105th Congress (1997-1998)All Information (Except Text)

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Introduced in House (11/07/1997)

 
[Congressional Bills 105th Congress]
[From the U.S. Government Printing Office]
[H.R. 2918 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2918

 To amend the Internal Revenue Code of 1986 to increase the amount of 
      the deduction allowed for meals and entertainment expenses.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 7, 1997

   Mr. Smith of New Jersey introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the amount of 
      the deduction allowed for meals and entertainment expenses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASED DEDUCTION FOR MEALS AND ENTERTAINMENT EXPENSES.

    (a) In General.--Paragraph (1) of section 274(n) of the Internal 
Revenue Code of 1986 (relating to only 50 percent of meal and 
entertainment expenses allowed as deduction) is amended by striking 
``50 percent'' and inserting ``the applicable percentage''.
    (b) Applicable Percentage.--Paragraph (3) of section 274(n) of such 
Code is amended to read as follows:
            ``(3) Applicable percentage.--For purposes of paragraph 
        (1), the applicable percentage is the percentage determined in 
        accordance with the following table:

``For taxable years beginning                            The applicable
  in calendar year--                                    percentage is--
    1999..........................................                  55 
    2000 or 2001..................................                  60 
    2002 or 2003..................................                  65 
    2004 or 2005..................................                  70 
    2006 or 2007..................................                  75 
    2008 or thereafter............................               80.''.
    (c) Conforming Amendment.--The heading for subsection (n) of 
section 274 of such Code is amended by striking ``Only 50 Percent of'' 
and inserting ``Limitation on''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1998.
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