HR 468
112th CONGRESS
1st Session
H. R. 468
To amend the Internal Revenue Code of 1986 to repeal the reduction
in the deductible portion of expenses for business meals and entertainment.
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.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 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 in
The applicable
calendar year--
percentage is--
2011
--75
2012 or thereafter
--80.'.
(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.
END
