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.

12/29/2022, 5:18 PM

Summary of Bill HR 8020

Bill 117 hr 8020, 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. This deduction would be permitted during the suspension of miscellaneous itemized deductions.

The bill is designed to provide financial relief to funeral and cemetery trusts by allowing them to deduct investment advisory expenses, which are currently not eligible for deduction under the tax code. This change would help these trusts better manage their finances and potentially reduce their tax burden.

In addition to allowing the deduction for investment advisory expenses, the bill also includes provisions for other purposes related to funeral and cemetery trusts. These provisions are aimed at improving the financial stability and management of these trusts. Overall, Bill 117 hr 8020 seeks to support funeral and cemetery trusts by providing them with a tax deduction for investment advisory expenses and implementing other measures to enhance their financial well-being.

Congressional Summary of HR 8020

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).

The bill also revises provisions relating to distributions by cemetery perpetual funds for the care and maintenance of gravesites. The aggregate amount of such distributions may not exceed $25 (adjusted for inflation) multiplied by the aggregate number of such gravesites.

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Current Status of Bill HR 8020

Bill HR 8020 is currently in the status of Bill Introduced since June 9, 2022. Bill HR 8020 was introduced during Congress 117 and was introduced to the House on June 9, 2022. Bill HR 8020's most recent activity was Referred to the House Committee on Ways and Means. as of June 9, 2022

Bipartisan Support of Bill HR 8020

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 8020

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 8020

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.