S. 298Senate109th Congress (2005-2007)In Committee

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.

Introduced February 7, 2005

Legislative Activity

Stay on top of the latest movement without scrolling through every action

2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1051)

February 7, 2005

View full timeline
SenateIntro Referral

Introduced in Senate

February 7, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1050-1051)

February 7, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1051)

February 7, 2005

Floor Debate

8 members

What members said about S. 298 on the floor

3 Republicans5 Democrats
Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Feb 7, 2005

Mr. President, it's a privilege to join Senator Frist, Senator Enzi, Senator Gregg, and Senator Bingaman in introducing the Foundation for the National Institutes of Health Improvement Act. Our bill…

Ron Wyden
Sen. Ron WydenD-OR · Feb 7, 2005

Mr. President, in his inaugural address and again in the state of the union President Bush promised to take on tyranny around the world. There's one corner of the world where tyranny is the currency…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Feb 7, 2005

Mr. President, I rise to introduce the Sportsmanship in Hunting Act of 2005. This bill would prohibit the barbaric and unsporting practice of ``canned hunts.'' I am pleased to be joined by my…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Feb 7, 2005

Mr. President, I am pleased to introduce today the Upper Connecticut River Partnership Act. This legislation will help bring recognition to New England's largest river ecosystem and one of our…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Feb 7, 2005

Mr. President, I rise today to introduce the Medicare Rural Home Health Payment Fairness Act to extend the additional payment for home health services in rural areas for 2 years. This 5 percent…

Show 4 more
Rick Santorum
Sen. Rick SantorumR-PA · Feb 7, 2005

Mr. President I rise today to introduce a bill to extend the Milk Income Loss Contract, MILC program, the MILC Extension Act. In the 106th Congress, I called for a programmatic solution to market…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Feb 7, 2005

Mr. President, I rise to introduce legislation to repeal the current 50 percent tax deduction for business meals and entertainment expenses, and to restore the tax deduction to 80 percent gradually…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Feb 7, 2005

Mr. President, I rise to introduce legislation to repeal the current 50 percent tax deduction for business meals and entertainment expenses, and to restore the tax deduction to 80 percent gradually…

Larry E. Craig
Sen. Larry E. CraigR-ID · Feb 7, 2005

Mr. President, I rise today to introduce the Department of Interior Volunteer Recruitment Act of 2005. This bill would allow the Department of the Interior to recruit and use volunteers in the Bureau…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued February 7, 2005

II

109th CONGRESS

1st Session

S. 298

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.

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 beginningThe applicable
 in calendar year—percentage is—
200570   
2006 or 200775   
2008 or thereafter80.

.

(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.