H. R. 3333
IN THE HOUSE OF REPRESENTATIVES
July 24, 2009
Mr. Abercrombie (for himself, Mr. Farr, Mr. Putnam, and Ms. Berkley) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to repeal the reduction in the deductible portion of expenses for business meals and entertainment.
Repeal of reduction in business meals and entertainment tax deduction
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.
Section 274(n) of the Internal Revenue Code of 1986 is amended by striking paragraph (3) and inserting the following:
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—|
|2010 or thereafter||80.|
The heading for section 274(n) of the Internal Revenue Code of 1986 is amended by striking
Only 50 Percent and inserting
The amendments made by this section shall apply to taxable years beginning after December 31, 2008.