[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4014 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4014

   To amend the Internal Revenue Code of 1986 to provide that income 
 received by a regulated investment company from precious metals shall 
                    be treated as qualifying income.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 21, 2024

 Ms. Cortez Masto 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 provide that income 
 received by a regulated investment company from precious metals shall 
                    be treated as qualifying income.

    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 ``Precious Metals Parity Act''.

SEC. 2. TREATMENT OF INCOME RECEIVED BY REGULATED INVESTMENT COMPANIES 
              FROM PRECIOUS METALS.

    (a) In General.--Section 851(b)(2)(A) of the Internal Revenue Code 
of 1986 is amended--
            (1) by striking ``or foreign currencies'' and inserting ``, 
        foreign currencies, or precious metals,'', and
            (2) by striking ``or currencies'' and inserting 
        ``currencies, or precious metals''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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