Strikes the conjunction 'or' at the end of clause (ii) of 4945(d)(4)(A) and adds a new clause (iv) providing that a cemetery company described in section 170(c)(5) is included.

Amends 26 U.S.C. §4942 by inserting new text after paragraph (g)(1)(A) (inserted text not provided in this section).

Amends 26 U.S.C. 2055(a) by adding a new paragraph (6) to permit estate tax deductions for transfers to specified cemetery companies or cemetery corporations that are nonprofit and operated for the benefit of their members.

Amends 26 U.S.C. 2522(a) by inserting a new paragraph (5) to permit gift tax deductions for gifts by citizens or residents to specified cemetery companies or cemetery corporations that meet nonprofit/member-benefit criteria.