[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1482 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 1482
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
July 29 (legislative day, July 21), 2003
Mr. Inouye (for himself, Mr. Stevens, and Mr. Cochran) 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--
2001.......................................... 68
2002.......................................... 74
2003 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, 2002.
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