[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1287 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1287

To treat gold and silver coins used as legal tender in the same manner 
            as United States currency for taxation purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 28, 2011

    Mr. DeMint (for himself, Mr. Lee, and Mr. Paul) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
To treat gold and silver coins used as legal tender in the same manner 
            as United States currency for taxation 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 ``Sound Money Promotion Act''.

SEC. 2. GOLD AND SILVER COINS THAT ARE LEGAL TENDER NOT SUBJECT TO 
              TAXATION.

    (a) In General.--Gold and silver coins declared legal tender by the 
Federal Government or any State government shall not be subject to 
taxation.
    (b) Conforming Amendment.--Section 1(h)(5) of the Internal Revenue 
Code of 1986 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), determined without regard to 
                subparagraphs (A)(iii), (A)(iv), and (B).''.
    (c) Effective Date.--The provisions of, and amendments made by, 
this section shall take effect on the date of the enactment of this 
Act.
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