Summary: H.R.1195 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.1195. Bill summaries are authored by CRS.

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Introduced in House (03/18/1999)

Amends the Internal Revenue Code to allow small businesses (corporations, or S corporations, partnerships, or sole proprietorships meeting C corporation requirements) an increased deduction for meal and entertainment expenses.

Waives the current limitation of such deduction to 50 percent of such expenses. Applies to small businesses the applicable percentage currently restricted to certain individuals subject to the hours of service limitations of the Department of Transportation, which ranges from 55 percent for taxable years beginning in 1998 or 1999 up to 80 percent for taxable years beginning in 2008 or thereafter.