[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1820 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1820

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, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 11, 2003

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

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                                 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, and for other purposes.

    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.--Paragraph (3) of section 408(m) of the Internal 
Revenue Code of 1986 (relating to exception for certain coins and 
bullion) is amended--
            (1) in subparagraph (A), by striking ``or'' at the end of 
        clause (iii) and by inserting after clause (iv) the following 
        new clause:
                            ``(v) any coin which--
                                    ``(I) is certified by an 
                                independent third-party grading 
                                service,
                                    ``(II) is, or was at any time, 
                                legal tender in the United States, and
                                    ``(III) is traded on a nationally 
                                recognized electronic coin trading 
                                network or listed by an independent 
                                wholesale reporting service, or'',
            (2) in subparagraph (B), by inserting ``in coin or bar 
        form'' after ``bullion'', and
            (3) in the matter at the end, by striking ``bullion in the 
        physical possession'' and inserting ``coin or bullion in the 
        physical possession or under the administrative control''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.
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