Medal of Honor Act

This legislation, titled the Medal of Honor Act, aims to substantially increase the special monthly pension provided to recipients of the Medal of Honor. It amends title 38, United States Code, to replace the current fixed pension rate with a new calculation. The new rate will be equal to the monthly compensation paid to a veteran without dependents who has a 100% disability rating, further increased to the next intermediate rate. This change ensures a more significant and dynamic pension for these distinguished individuals.

The bill also clarifies how annual increases to this special pension are applied, stipulating that the Secretary of Veterans Affairs shall not increase the amount in a year if it was already increased by other means during that same year. Furthermore, it extends the duration of certain limits on pension payments. Specifically, the date for these limits is moved from November 30, 2031, to January 31, 2033.