Text: S.611 — 108th Congress (2003-2004)All Information (Except Text)

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Introduced in Senate (03/13/2003)

 
[Congressional Bills 108th Congress]
[From the U.S. Government Printing 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.


_______________________________________________________________________


                   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

_______________________________________________________________________

                                 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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