119 S989 IS: Precious Metals Parity Act U.S. Senate 2025-03-12 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II119th CONGRESS1st SessionS. 989IN THE SENATE OF THE UNITED STATESMarch 12, 2025Ms. Cortez Masto (for herself, Mr. Risch, and Ms. Lummis) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo 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.

1.

Short title

This Act may be cited as the Precious Metals Parity Act.

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.