To amend the Internal Revenue Code of 1986 to repeal the reduction in the deductible portion of expenses for business meals and entertainment.

Amends the Internal Revenue Code to increase the income tax deduction for business meals and entertainment expenses from 50 to 75% of such expenses in calendar year 2011 and 80% in 2012 and thereafter.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 468 Introduced in House (IH)]

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.
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