[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2557 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2557

To amend the Internal Revenue Code of 1986 to reinstate the 80-percent 
         limitation on the deductible portion of meal expenses.


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                   IN THE SENATE OF THE UNITED STATES

            October 8 (legislative day, September 12), 1994

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

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to reinstate the 80-percent 
         limitation on the deductible portion of meal expenses.

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

SECTION 1. REINSTATEMENT OF 80-PERCENT LIMITATION ON DEDUCTIBLE PORTION 
              OF MEAL EXPENSES.

    (a) In General.--Paragraph (1) of section 274(n) of the Internal 
Revenue Code of 1986 (relating to limitation on deductibility of meal 
and entertainment expenses) is amended by striking ``50 percent of the 
amount of such expense or item'' and inserting ``80 percent of the 
amount of any such expense, or 50 percent of the amount of any such 
item,''.
    (b) Conforming Amendment.--The heading for section 274(n) of such 
Code is amended by striking ``Only 50 Percent of'' and inserting 
``Limitation on''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1993.
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