[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 804 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 804

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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2005

  Mr. Vitter introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 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. SHORT TITLE.

    This Act may be cited as the ``Options for Investors through United 
States Certified Coins Act of 2005''.

SEC. 2. 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) a 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 
                                coin wholesale reporting service, or'', 
                                and
            (2) in subparagraph (B), by inserting ``in coin or bar 
        form'' after ``bullion''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.
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