110 HR 2648 IH: To amend the Internal Revenue Code of 1986 to repeal the reduction in the deductible portion of expenses for business meals and entertainment. U.S. House of Representatives 2007-06-11 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

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.

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 inThe applicable calendar year—percentage is—2007752008 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, 2006.