I
110th CONGRESS
1st Session
H. R. 2648
IN THE HOUSE OF REPRESENTATIVES
June 11, 2007
Mr. Abercrombie 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 repeal the reduction in the deductible portion of expenses for business meals and entertainment.
Repeal of reduction in business meals and entertainment tax deduction
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
.
Applicable percentage
Section 274(n) of the Internal Revenue Code of 1986 is amended by striking paragraph (3) and inserting the following:
Applicable percentage
For purposes of paragraph (1), the term applicable percentage means the percentage determined under the following table:
| For taxable years beginning in | The applicable |
| calendar year— | percentage is— |
| 2007 | 75 |
| 2008 or thereafter | 80. |
.
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
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2006.