Section 1 Short title
This Act may be cited as the “Precious Metals Parity Act”.
Precious Metals Parity Act
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.
Sec. 2 Treatment of income received by regulated investment companies from precious metals
in paragraph (2)(A)—
by striking “or foreign currencies” and inserting “, foreign currencies, or precious metals”, and
by striking “or currencies” and inserting “currencies, or precious metals”, and
by adding at the end the following new sentence: “For purposes of paragraph (2), the term precious metals means any gold, silver, platinum, or palladium bullion described in section 408(m)(3)(B).”.
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.