Grave Injustice Parity Act
Summary
The Grave Injustice Parity Act amends the Internal Revenue Code of 1986 to allow deductions for transfers from estates or gifts to certain cemeteries. Specifically, it includes cemetery companies owned and operated exclusively for the benefit of their members, or corporations chartered solely for burial purposes, under eligible recipients for estate and gift tax deductions. The bill also addresses distributions of private foundations to cemeteries.
Expected Effects
This act will reduce the tax burden on individuals and estates making contributions to non-profit cemeteries. It may incentivize more donations to these organizations. Private foundations will also be able to distribute funds to these cemeteries without incurring certain tax penalties.
Potential Benefits
- May increase funding for cemetery maintenance and operations.
- Could lead to better upkeep and preservation of cemeteries.
- Provides tax relief for individuals and estates making donations.
- Allows private foundations to support cemeteries more easily.
- Could encourage community involvement in cemetery preservation.
Most Benefited Areas:
Potential Disadvantages
- May slightly reduce government tax revenue.
- Could potentially benefit private shareholders or individuals if the cemetery company is not properly monitored, despite the bill's intention.
- The impact on overall charitable giving is uncertain; it might simply shift donations from other causes.
- Increased complexity in tax code due to new provisions.
- Potential for abuse if the definition of 'cemetery company' is not strictly enforced.
Constitutional Alignment
The bill aligns with the general welfare clause of the Constitution (Preamble) by potentially improving the upkeep of cemeteries, which can be seen as a community benefit. The power to levy taxes and provide for deductions falls under the enumerated powers of Congress (Article I, Section 8). There are no apparent conflicts with the Bill of Rights.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).