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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.
Summary
This bill amends the tax code to treat income from precious metals the same as income from foreign currencies for regulated investment companies (mutual funds and similar investment vehicles). Precious metals income would be classified as "qualifying income" for purposes of determining whether an investment company meets the tax requirements to be treated as a regulated investment company. The change applies to tax years beginning after the bill is enacted.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
3 cosponsors
- Sen. Lee, Mike [R-UT] (R-UT)
- Sen. Lummis, Cynthia M. [R-WY] (R-WY)
- Sen. Risch, James E. [R-ID] (R-ID)
Actions (2)
- Mar 12, 2025 Read twice and referred to the Committee on Finance. · senate
- Mar 12, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
March 12, 2025
Ms. Cortez Masto (for herself, Mr. Risch, and Ms. Lummis) 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. <all>
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