Business-related entertainment expenses would be permitted under a bipartisan bill sponsored on Oct. 25 by U.S. Rep. Darin LaHood (R-IL) aimed at helping jumpstart the nation’s tourism and hospitality industries.
“State-mandated closures, inflation, and rising costs have wreaked havoc on communities and small businesses throughout Illinois, especially for our hospitality, travel, and tourism sectors,” Rep. LaHood said on Monday. “This bipartisan bill will provide support to affected small businesses and workers, giving them more certainty and helping them accelerate recovery.”
Rep. LaHood introduced the Service Worker Economic Stabilization Act, H.R. 9231, with original cosponsor U.S. Rep. Jimmy Panetta (D-CA) to reinstate the 50 percent Entertainment Business Expense Deduction, according to a bill summary provided by the lawmakers.
Additionally, H.R. 9231 would extend the 100 percent deduction for business meals through the end of 2024, the summary says.
“Our hospitality and tourism industry on the central coast of California continue to be impacted by inflation, labor shortages, and decreased business spending,” said Rep. Panetta. “The Service Worker Economic Stabilization Act will help this industry regain lost business spending by extending the full deduction for business meals and restoring the deduction for business entertainment expenses.”
The National Restaurant Association, the U.S. Travel Association, the International Franchise Association, and the American Hotel and Lodging Association endorsed the bill.
“I will continue to work to reduce the impact of inflation and high costs on small businesses and families in Illinois,” added Rep. LaHood.
H.R. 9231 has been referred to the U.S. House Ways and Means Committee for consideration.