[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 991 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 991

 To amend the Internal Revenue Code of 1986 to treat gold, silver, and 
platinum, in either coin or bar form, in the same manner as stocks and 
 bonds for purposes of the maximum capital gains rate for individuals.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2001

 Mr. Hayworth (for himself, Mr. Paul, Mr. Dreier, Mr. Otter, Mr. Young 
   of Alaska, Mr. Calvert, Mr. Stump, Mr. Gibbons, Mr. Sessions, Mr. 
 Schaffer, Mr. Cannon, and Mr. Largent) 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 treat gold, silver, and 
platinum, in either coin or bar form, in the same manner as stocks and 
 bonds for purposes of the maximum capital gains rate for individuals.

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

SECTION 1. GOLD, SILVER, AND PLATINUM TREATED IN THE SAME MANNER AS 
              STOCKS AND BONDS FOR MAXIMUM CAPITAL GAINS RATE FOR 
              INDIVIDUALS.

    (a) In General.--Subparagraph (A) of section 1(h)(6) of the 
Internal Revenue Code of 1986 (relating to definition of collectibles 
gain and loss) is amended by striking ``without regard to paragraph (3) 
thereof'' and inserting ``without regard to so much of paragraph (3) 
thereof as relates to palladium and the bullion requirement for 
physical possession by a trustee''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2000.
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