[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2883 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2883

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


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 27, 2007

Ms. Berkley (for herself, Mr. Porter, Mr. English of Pennsylvania, Mr. 
Cannon, Mr. Jones of North Carolina, Mr. Wilson of South Carolina, Mrs. 
  Musgrave, and Mr. Dreier) 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, 
platinum, and palladium, in either coin or bar form, in the same manner 
as equities and mutual funds 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. SHORT TITLE.

    This Act may be cited as the ``Fair Treatment for Precious Metals 
Investors Act''.

SEC. 2. GOLD, SILVER, PLATINUM, AND PALLADIUM TREATED IN THE SAME 
              MANNER AS STOCKS AND BONDS FOR MAXIMUM CAPITAL GAINS RATE 
              FOR INDIVIDUALS.

    (a) In General.--Section 1(h)(5) of the Internal Revenue Code of 
1986 (relating to definition of collectibles gain and loss) is 
amended--
            (1) by striking ``(as defined in section 408(m) without 
        regard to paragraph (3) thereof)'' in subparagraph (A), and
            (2) by adding at the end the following new subparagraph:
                    ``(C) Collectible.--For purposes of this paragraph, 
                the term `collectible' has the meaning given such term 
                by section 408(m), except that in applying paragraph 
                (3)(B) thereof the determination of whether any bullion 
                is excluded from treatment as a collectible shall be 
                made without regard to the person who is in physical 
                possession of the bullion.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to taxable years beginning after December 31, 2006.
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