[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 611 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 611
To amend the Internal Revenue Code of 1986 to treat gold, silver, and
platinum, in either coin or bar form, in the same manner as stocks and
bonds for purposes of the maximum capital gains rate for individuals.
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IN THE SENATE OF THE UNITED STATES
March 13, 2003
Mr. Reid (for himself, Mr. Ensign, Mr. Allard, Mr. Miller, and Mr.
Crapo) introduced the following bill; which was read twice and referred
to the Committee on Finance
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A BILL
To amend the Internal Revenue Code of 1986 to treat gold, silver, and
platinum, in either coin or bar form, in the same manner as stocks and
bonds 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, AND PLATINUM TREATED IN THE SAME MANNER AS STOCKS
AND BONDS FOR MAXIMUM CAPITAL GAINS RATE FOR INDIVIDUALS.
(a) In General.--Subparagraph (A) of section 1(h)(6) of the
Internal Revenue Code of 1986 (relating to definition of collectibles
gain and loss) is amended by striking ``without regard to paragraph (3)
thereof'' and inserting ``without regard to so much of paragraph (3)
thereof as relates to palladium and the bullion requirement for
physical possession by a trustee''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to taxable years beginning after December 31, 2002.
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