Text: S.298 — 109th Congress (2005-2006)All Information (Except Text)

There is one version of the bill.

Text available as:

Shown Here:
Introduced in Senate (02/07/2005)

 
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 298 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 298

 To amend the Internal Revenue Code of 1986 to repeal the reduction in 
       the deductible portion of expenses for business meals and 
                             entertainment.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 7, 2005

  Mr. Inouye introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to repeal the reduction in 
       the deductible portion of expenses for business meals and 
                             entertainment.

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

SECTION 1. REPEAL OF REDUCTION IN BUSINESS MEALS AND ENTERTAINMENT TAX 
              DEDUCTION.

    (a) In General.--Section 274(n)(1) 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.--Section 274(n) of the Internal Revenue 
Code of 1986 is amended by striking paragraph (3) and inserting the 
following:
            ``(3) Applicable percentage.--For purposes of paragraph 
        (1), the term `applicable percentage' means the percentage 
        determined under the following table:

``For taxable years beginning                            The applicable
   in calendar year--                                   percentage is--
    2005..........................................                  70 
    2006 or 2007..................................                  75 
    2008 or thereafter............................               80.''.
    (c) Conforming Amendment.--The heading for section 274(n) of the 
Internal Revenue Code of 1986 is amended by striking ``Only 50 
percent'' and inserting ``Portion''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.
                                 <all>

Share This