H.R. 9356: Veteran Headstone Honor Act

This bill would create a new federal tax credit for private cemeteries that pay to attach veteran medallions to headstones or grave markers in their cemeteries.

What the credit would do

• Private cemeteries could claim a tax credit equal to the amount they spend on attaching a veteran medallion to an eligible headstone or marker.
• The medallion must be the type described in federal veterans law.
• The credit would apply only to cemeteries owned and operated by the taxpayer claiming the credit.

How it would work

• To receive the credit, the cemetery would have to certify to the Treasury Department that the medallion was attached.
• The cemetery would also need to provide an itemized statement of the expenses.
• The Treasury Department, working with the Department of Veterans Affairs, would be responsible for issuing any needed rules or guidance.

Tax treatment

• The credit would be added to the list of general business tax credits.
• The bill would also make the credit eligible for elective payment, which can allow certain taxpayers to receive the value of the credit as a payment rather than only using it to offset taxes.

When it would take effect

• The change would apply to expenses paid or incurred after the bill becomes law.

Relevant Companies

None found