1. Short title
This Act may be cited as the “Sound Money Promotion Act”.
Sound Money Promotion Act
A BILL
To treat gold and silver coins used as legal tender in the same manner as United States currency for taxation purposes.
2. Gold and silver coins that are legal tender not subject to taxation
In general— Gold and silver coins declared legal tender by the Federal Government or any State government shall not be subject to taxation.
Conforming amendment— Section 1(h)(5) of the Internal Revenue Code of 1986 is amended—
by striking “(as defined in section 408(m) without regard to paragraph (3) thereof)” in subparagraph (A), and
by adding at the end the following new subparagraph:
“(C) Collectible—For purposes of this paragraph, the term collectible has the meaning given such term by section 408(m), determined without regard to subparagraphs (A)(iii), (A)(iv), and (B).”
Effective date— The provisions of, and amendments made by, this section shall take effect on the date of the enactment of this Act.