S.1367: Fair Treatment for Precious Metals Investors Act

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.

Full Bill Text

Most Recent: S. 1367.IH (Introduced in Senate)

Bill Status

Introduced in Senate	Passed Senate	Voted on in House	Signed by President
June 25, 2009	–	–	–

For a U.S. bill to become law, it must pass both the House of Representatives and the Senate, and then get signed by the President.

Sponsor of S. 1367

Related Bills

Senate Bill, S. 1546, with the same ‘Fair Treatment for Precious Metals Investors Act’ was introduced in June of 2007 by Sen. Crapo. It died at the conclusion of the end of the 110th Congress.

Bill Actions by Date

6/25/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Text of S. 1367: Fair Treatment for Precious Metals Investors Act

S. 1367 IS (Introduced in Senate)

111th CONGRESS

1st Session

S. 1367

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.

IN THE SENATE OF THE UNITED STATES

June 25, 2009

Mr. CRAPO (for himself, Mr. REID, Mr. ENSIGN, and Mr. RISCH) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

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, 2009.

Cosponsor List

The following Senate members cosponsored the bill:

Sen Ensign, John [NV] – 6/25/2009
Sen Reid, Harry [NV] – 6/25/2009
Sen Risch, James E. [ID] – 6/25/2009