Amends the Internal Revenue Code to repeal the requirement that contemporaneous records be kept to substantiate tax deductions for certain travel expenses, including automobile expenses, business entertainment expenses, and expenses for gifts.
Repeals the requirement that tax return preparers inform the taxpayer of the recordkeeping requirements for substantiating certain travel and business expenses.
Repeals the special negligence penalty rule applicable to underpayment of tax attributable to a failure to comply with the recordkeeping requirements.
Repeals all Treasury regulations issued to carry out the amendments made by the Tax Reform Act of 1984 that are repealed by this Act.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Finance. Reported to Senate by Senator Packwood with an amendment in the nature of a substitute and an amendment to the title. With written report No. 99-23.
Committee on Finance. Reported to Senate by Senator Packwood with an amendment in the nature of a substitute and an amendment to the title. With written report No. 99-23.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 51.
Indefinitely postponed by Senate by Voice Vote.
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