I 112th CONGRESS 1st Session H. R. 468 IN THE HOUSE OF REPRESENTATIVES January 26, 2011 Ms. Berkley 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 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— 201175 2012 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, 2010.