S.Amdt. 686
What it does: Adds SEC. __. GOLD AND SILVER COINS THAT ARE LEGAL TENDER NOT SUBJECT TO TAXATION wherever appropriate
Sen. Jim DeMint (R-SC)What it changes
1 change to S. 1619
Adds SEC. __. GOLD AND SILVER COINS THAT ARE LEGAL TENDER NOT SUBJECT TO TAXATION wherever appropriate
Adds a sectionInserted: SEC. __. GOLD AND SILVER COINS THAT ARE LEGAL TENDER NOT SUBJECT TO TAXATION.
Inserted: (a) In General.--Gold and silver coins declared legal tender by the Federal Government or any State government shall not be subject to taxation.
Inserted: (b) Conforming Amendment.--Section 1(h)(5) of the Internal Revenue Code of 1986 is amended--
Inserted: (1) by striking "(as defined in section 408(m) without regard to paragraph (3) thereof)" in subparagraph (A), and
Inserted: (2) by adding at the end the following new subparagraph:
Inserted: "(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).".
Inserted: (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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Original wording
At the appropriate place, insert the following:
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As printed
SA 686. Mr. DeMINT submitted an amendment intended to be proposed by him to the bill S. 1619, to provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. 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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Senate amendment submitted
October 4, 2011