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.

Senate Bill 298 proposes to increase the amount of money businesses can deduct from their taxes for meal and entertainment expenses. Under the rules at the time of the bill's introduction, businesses could only deduct 50 percent of these costs; this legislation would have gradually raised that limit to 80 percent by the year 2008. For the average citizen, this change was intended to encourage business spending at restaurants and entertainment venues, potentially supporting jobs and economic growth within the hospitality and service industries.