II
112th CONGRESS
1st Session
S. 907
IN THE SENATE OF THE UNITED STATES
May 5, 2011
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.
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 80 percent
.
Conforming amendment
Section 274(n) of the Internal Revenue Code of 1986 is amended by striking paragraph (3).
Clerical 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, 2011.