diff --git a/src/gnome/gnc-plugin-budget.c b/src/gnome/gnc-plugin-budget.c
index 069880e9d2..c7d6e0079d 100644
--- a/src/gnome/gnc-plugin-budget.c
+++ b/src/gnome/gnc-plugin-budget.c
@@ -50,6 +50,8 @@ static void gnc_plugin_budget_cmd_new_budget (GtkAction *action,
         GncMainWindowActionData *data);
 static void gnc_plugin_budget_cmd_open_budget (GtkAction *action,
         GncMainWindowActionData *data);
+static void gnc_plugin_budget_cmd_copy_budget (GtkAction *action,
+        GncMainWindowActionData *data);
 
 static GtkActionEntry gnc_plugin_actions [] =
 {
@@ -64,6 +66,12 @@ static GtkActionEntry gnc_plugin_actions [] =
         N_("Open an existing Budget"),
         G_CALLBACK (gnc_plugin_budget_cmd_open_budget)
     },
+
+    {
+        "CopyBudgetAction", NULL, N_("Copy Budget"), NULL,
+        N_("Copy an existing Budget"),
+        G_CALLBACK (gnc_plugin_budget_cmd_copy_budget)
+    },
 };
 static guint gnc_plugin_n_actions = G_N_ELEMENTS (gnc_plugin_actions);
 
@@ -213,6 +221,51 @@ gnc_plugin_budget_cmd_open_budget (GtkAction *action,
     }
 }
 
+/* If only one budget exists, create a copy of it; otherwise user selects one to copy */
+static void
+gnc_plugin_budget_cmd_copy_budget (GtkAction *action,
+                                   GncMainWindowActionData *data)
+{
+    guint count;
+    QofBook *book;
+    GncBudget *bgt = NULL;
+    QofCollection *col;
+    g_return_if_fail (data != NULL);
+
+    book = gnc_get_current_book();
+    col = qof_book_get_collection(book, GNC_ID_BUDGET);
+    count = qof_collection_count(col);
+    if (count > 0)
+    {
+        if (count == 1)
+        {
+            bgt = gnc_budget_get_default(book);
+        }
+        else
+        {
+            bgt = gnc_budget_gui_select_budget(book);
+        }
+
+        if (bgt)
+        {
+            GncBudget* copy;
+            gchar* name;
+
+            copy = gnc_budget_clone(bgt);
+            name = g_strdup_printf("Copy of %s", gnc_budget_get_name(bgt));
+            gnc_budget_set_name(copy, name);
+            g_free(name);
+
+            gnc_main_window_open_page(
+                data->window, gnc_plugin_page_budget_new(copy));
+        }
+    }
+    else     /* if no budgets exist yet, just open a new budget */
+    {
+        gnc_plugin_budget_cmd_new_budget(action, data);
+    }
+}
+
 /************************************************************
  *                     Other Functions                      *
  ************************************************************/
diff --git a/src/gnome/ui/gnc-plugin-budget-ui.xml b/src/gnome/ui/gnc-plugin-budget-ui.xml
index aad267a878..f6e7468e87 100644
--- a/src/gnome/ui/gnc-plugin-budget-ui.xml
+++ b/src/gnome/ui/gnc-plugin-budget-ui.xml
@@ -5,6 +5,7 @@
         <menu name="ActionsBudget" action="ActionsBudgetAction">
           <menuitem name="BudgetNewBudget" action="NewBudgetAction"/>
           <menuitem name="BudgetOpenBudget" action="OpenBudgetAction"/>
+          <menuitem name="BudgetCopyBudget" action="CopyBudgetAction"/>
         </menu>
       </placeholder>
     </menu>