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, also known as the "Funeral and Cemetery Trust Investment Advisory Expense Deduction Act," aims to amend the Internal Revenue Code of 1986 to allow a deduction for investment advisory expenses of certain funeral and cemetery trusts during the suspension of miscellaneous itemized deductions.

The bill specifically targets funeral and cemetery trusts, which are entities set up to manage funds for funeral and cemetery expenses. These trusts often rely on investment advisors to help them make sound financial decisions. However, under current tax law, these investment advisory expenses are considered miscellaneous itemized deductions, which were suspended under the Tax Cuts and Jobs Act of 2017.

This bill seeks to reinstate the deduction for investment advisory expenses for funeral and cemetery trusts, recognizing the unique financial needs and circumstances of these entities. By allowing this deduction, the bill aims to provide financial relief to funeral and cemetery trusts and ensure they can continue to effectively manage their funds. Overall, the "Funeral and Cemetery Trust Investment Advisory Expense Deduction Act" is a targeted piece of legislation that seeks to support the financial stability of funeral and cemetery trusts by allowing them to deduct investment advisory expenses during the suspension of miscellaneous itemized deductions.