Senate to Take Up Meals Deduction
Trucking’s crusade for an immediate increase in tax deductions for meal expenses on the road may have found renewed life in Congress, but that life could be shortened if a threatened presidential veto of other tax breaks materializes.
Trucking’s much-sought-after boost is tucked within the minimum wage bill passed by the House on March 9. In order to save the expense deduction, the Senate must first reconcile the language of its own bill with the House version.
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The Senate could act this week to save a provision that would return the 80% deduction to the industry without waiting for the phase-in period now in effect to play out. The provision would be part of a legislative package that, among other things, would raise the minimum wage by $1.
Otherwise, the meals deduction is scheduled to continue gradually increasing under 1997 legislation until it reaches 80% in 2008.
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