II 109th CONGRESS 1st Session S. 804 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.

1.

Short title

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

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.