This bill, known as the "Valor Has No Expiration Act," amends title 10, United States Code, to establish a process for reviewing military decoration requests. It specifically addresses awards that were not timely recommended because the relevant records were classified, withheld due to sensitivity, or redacted for national security purposes. The legislation waives existing time limitations for recommendations for awards for any person who served on active duty in the Army, Navy, Marine Corps, Air Force, or Space Force during the period beginning on January 1, 1940 . Upon receiving a request for consideration, the Secretary of a military department must begin a review within 30 days and complete it within one year. The bill clarifies that failure to meet these deadlines does not limit the authority to award a decoration. Furthermore, the Secretaries are required to submit detailed reports to the Committees on Armed Services of both the Senate and House of Representatives, outlining the review's findings, final action, and any recommendations to improve award procedures, particularly for military intelligence personnel. For decorations the President may award, the report is also submitted to the President, with the Secretary of Defense handling Medal of Honor reports.