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

Bill: 117-hr-4333
Sponsor: full_name: Rep. Sánchez, Linda T. [D-CA-38]
Introduced: 2021-07-01
Policy area: Taxation
Subjects: Cemeteries and funerals

Financial services and investments

Income tax deductions
Latest action: action_date: 2021-07-01
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-07-01
action_desc: Introduced in House
text: <p>This bill allows a tax deduction for the investment advisory expenses of certain funeral trusts and cemetery perpetual care funds during the period in which the allowance of miscellaneous itemized deductions is suspended (i.e., 2018 through 2025).</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 4333 IN THE HOUSE OF REPRESENTATIVES July 1, 2021 Ms. Sánchez (for herself and Mr. Ferguson ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 is amended to allow a deduction for investment advisory expenses of certain funeral and cemetery trusts during suspension of miscellaneous itemized deductions.

1. Deduction for investment advisory expenses of certain funeral and cemetery trusts allowed during suspension of miscellaneous itemized deductions (a) In general Section 67(g) of the Internal Revenue Code of 1986 is amended— (1) by striking Notwithstanding and inserting the following: (1) In general Notwithstanding , and (2) by adding at the end the following new paragraph: (2) Deduction for investment advisory expenses of certain funeral and cemetery trusts allowed during suspension In the case of any qualified funeral trust (as defined in section 685(b)) or cemetery perpetual care fund (described in section 642(i) and meeting the requirements of paragraphs (1) and (2) thereof), subsection (a) and paragraph (1) of this subsection shall not apply to any deduction allowed for investment advisory expenses for a taxable year beginning after December 31, 2020, and before January 1, 2027. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2020.