Current Status Bill Number:4895 Type of Legislation:Concurrent Resolution CR Introducing Body:House Introduced Date:19980325 Primary Sponsor:Carnell All Sponsors:Carnell, McKay, Inabinett, Bailey, Wilder, Klauber, Keegan, Kelley, Bowers, Beck, Dantzler, R. Smith, Askins, J. Smith, Mason, Hawkins, H. Brown, Lanford, Townsend, Meacham, McAbee, McCraw, Sharpe, Woodrum, Witherspoon, Haskins, Stoddard, Battle, Davenport, Kirsh, Loftis, Quinn, T. Brown, Fleming and Edge Drafted Document Number:psd\7282djc.98 Date Bill Passed both Bodies:19980430 Subject:Tax laws, income tax deductions, business meal and entertainment expenses; Congress requests to provide
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19980430 Received from Senate
Senate 19980430 Adopted, returned to House
with concurrence
Senate 19980429 Recalled from Committee 06 SF
Senate 19980414 Introduced, referred to Committee 06 SF
House 19980408 Adopted, sent to Senate
House 19980402 Committee report: Favorable 24 HIMR
House 19980325 Introduced, referred to Committee 24 HIMR
View additional legislative information at the LPITS web site.
RECALLED
April 29, 1998
H. 4895
Introduced by Reps. Carnell, McKay, Inabinett, Bailey, Wilder, Klauber, Keegan, Kelley, Bowers, Beck, Dantzler, R. Smith, Askins, J. Smith, Mason, Hawkins, H. Brown, Lanford, Townsend, Meacham, McAbee, McCraw, Sharpe, Woodrum, Witherspoon, Haskins, Stoddard, Battle, Davenport, Kirsh, Loftis, Quinn, T. Brown, Fleming and Edge
S. Printed 4/29/98--S.
Read the first time April 14, 1998.
TO MEMORIALIZE CONGRESS TO AMEND THE TAX LAWS OF THE UNITED STATES RELATING TO ONLY FIFTY PERCENT OF BUSINESS MEAL AND ENTERTAINMENT EXPENSES BEING ALLOWED AS A DEDUCTION, SO AS TO RESTORE AND PROVIDE FOR THE DEDUCTION OF ONE HUNDRED PERCENT OF BUSINESS MEAL AND ENTERTAINMENT EXPENSES.
Whereas, the effect of Section 274 of the Internal Revenue Code of 1986, 26 United States Code, Section 274(n), is to reduce the amount of an otherwise allowable deduction for meal or entertainment expenses by fifty percent; and
Whereas, the business meal is a one hundred percent legitimate business expense and should be a one hundred percent legitimate business deduction; and
Whereas, two-thirds of business meal users make less than sixty thousand dollars per year, and seventy percent of business meal spenders typically use low-to-moderately priced restaurants for business lunches; and
Whereas, restoring one hundred percent of the business meal deduction was the second priority of the one thousand six hundred small business delegates at the last White House Conference on Small Business; and
Whereas, one-fifth of business meal users are self-employed; and
Whereas, small business owners rely more heavily on the one-on-one relationship offered by a business meal, more so than a large corporation with an advertising budget and marketing staff. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the Congress of the United States is hereby memorialized to amend the tax laws of the United States relating to only fifty percent of business meal and entertainment expenses being allowed as a deduction, so as to restore and provide for the deduction of one hundred percent of business meal and entertainment expenses.
Be it further resolved that a copy of this resolution be forwarded to the President of the United States, the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.