S.611 - Fair Treatment for Precious Metals Investors Act108th Congress (2003-2004)
|Sponsor:||Sen. Reid, Harry [D-NV] (Introduced 03/13/2003)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/13/2003 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3732) (All Actions)|
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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. <all>