[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1670 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1670

To amend the Internal Revenue Code of 1986 to allow certain coins to be 
   acquired by individual retirement accounts and other individually 
                    directed pension plan accounts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2001

  Mr. Vitter (for himself, Mr. Crane, and Mr. McCrery) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow certain coins to be 
   acquired by individual retirement accounts and other individually 
                    directed pension plan accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CERTAIN COINS NOT TREATED AS COLLECTIBLES.

    (a) In General.--Subparagraph (A) of section 408(m)(3) of the 
Internal Revenue Code of 1986 (relating to exception for certain coins 
and bullion) is amended to read as follows:
                    ``(A) any coin certified by a recognized grading 
                service and traded on a nationally recognized 
                electronic network, or listed by a recognized wholesale 
                reporting service, and--
                            ``(i) which is or was at any time legal 
                        tender in the United States, or
                            ``(ii) issued under the laws of any State, 
                        or''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2001.
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