H.R.3667 - To amend the Internal Revenue Code of 1986 to increase the deduction for meal and entertainment expenses of small businesses.105th Congress (1997-1998)
|Sponsor:||Rep. McCrery, Jim [R-LA-4] (Introduced 04/01/1998)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/01/1998 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.3667 — 105th Congress (1997-1998)All Information (Except Text)
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Introduced in House (04/01/1998)
[Congressional Bills 105th Congress] [From the U.S. Government Printing Office] [H.R. 3667 Introduced in House (IH)] 105th CONGRESS 2d Session H. R. 3667 To amend the Internal Revenue Code of 1986 to increase the deduction for meal and entertainment expenses of small businesses. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 1, 1998 Mr. McCrery (for himself, Mr. Tanner, Mr. Farr of California, Mr. Foley, Mr. Abercrombie, Mr. Jefferson, Mr. Ensign, Mr. Christensen, Mrs. Emerson, Mr. Weller, Mr. Houghton, and Mr. Sam Johnson) 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 deduction for meal and entertainment expenses of small businesses. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SMALL BUSINESSES ALLOWED INCREASED DEDUCTION FOR MEAL AND ENTERTAINMENT EXPENSES. (a) In General.--Subsection (n) of section 274 of the Internal Revenue Code of 1986 (relating to only 50 percent of meal and entertainment expenses allowed as deduction) is amended by adding at the end the following new paragraph: ``(4) Special rule for small businesses.-- ``(A) In general.--In the case of any taxpayer which is a small business, paragraph (1) shall be applied by substituting `the applicable percentage (as defined in paragraph (3)(B))' for `50 percent'. ``(B) Small business.--For purposes of this paragraph, the term `small business' means, with respect to expenses paid or incurred during any taxable year-- ``(i) any corporation which meets the requirements of section 55(e)(1) for such year, and ``(ii) any partnership or sole proprietorship which would meet such requirements if it were a corporation.'' (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1998. <all>