Bill Summary
The Precious Metals Parity Act is a bill that aims to amend the Internal Revenue Code of 1986 to include income received by regulated investment companies from precious metals as qualifying income. This means that income derived from precious metals, such as gold or silver, can be treated the same as income from other sources like foreign currencies, for tax purposes. The bill states that this amendment will apply to taxable years beginning after the date of its enactment.
Possible Impacts
1. This legislation could affect people who invest in precious metals, as it would provide a tax break for regulated investment companies that receive income from precious metals.
2. It could also affect individuals who work in the precious metals industry, as the increased demand for precious metals from investment companies could potentially lead to job growth.
3. This legislation could potentially benefit consumers who purchase products made with precious metals, as the cost of production for these products could decrease with the tax break for investment companies.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4014 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
2d Session
S. 4014
To amend the Internal Revenue Code of 1986 to provide that income
received by a regulated investment company from precious metals shall
be treated as qualifying income.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 21, 2024
Ms. Cortez Masto introduced the following bill; which was read twice
and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide that income
received by a regulated investment company from precious metals shall
be treated as qualifying income.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Precious Metals Parity Act''.
SEC. 2. TREATMENT OF INCOME RECEIVED BY REGULATED INVESTMENT COMPANIES
FROM PRECIOUS METALS.
(a) In General.--Section 851(b)(2)(A) of the Internal Revenue Code
of 1986 is amended--
(1) by striking ``or foreign currencies'' and inserting ``,
foreign currencies, or precious metals,'', and
(2) by striking ``or currencies'' and inserting
``currencies, or precious metals''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
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