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).
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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.
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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.
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.
Official Titles - House of Representatives
Official Title as Introduced
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.
Rep. Sánchez, Linda T.