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Tax Amendments for Funeral and Cemetery Trusts: Deductions and Inflation.

This bill amends the Internal Revenue Code regarding funeral and cemetery trusts. It allows a deduction for investment advisory expenses for taxable years beginning before January 1, 2030. Additionally, it introduces an inflation adjustment for the $25 per-gravesite limit on distributions that cemetery perpetual care funds can treat as deductions.
Key points
Qualified funeral and cemetery trusts may deduct investment advisory expenses for taxable years beginning before January 1, 2030.
The $25 limit per gravesite for distributions by cemetery perpetual care funds will be adjusted for inflation in taxable years beginning after 2024.
These amendments apply to taxable years beginning after December 31, 2023.
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Additional Information
Print number: 118_HR_5251
Sponsor: Rep. Ferguson, A. Drew, IV [R-GA-3]
Process start date: 2023-08-22
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to allow a deduction for investment advisory expenses of certain funeral and cemetery trusts during suspension of miscellaneous itemized deductions, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5251.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-08-22.

What are the main provisions?

Key points include:

  • Qualified funeral and cemetery trusts may deduct investment advisory expenses for taxable years beginning before January 1, 2030.
  • The $25 limit per gravesite for distributions by cemetery perpetual care funds will be adjusted for inflation in taxable years beginning after 2024.
  • These amendments apply to taxable years beginning after December 31, 2023.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Ferguson, A. Drew, IV [R-GA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes