Text: S.1287 — 112th Congress (2011-2012)All Information (Except Text)

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Introduced in Senate (06/28/2011)


112th CONGRESS
1st Session
S. 1287


To treat gold and silver coins used as legal tender in the same manner as United States currency for taxation purposes.


IN THE SENATE OF THE UNITED STATES

June 28, 2011

Mr. DeMint (for himself, Mr. Lee, and Mr. Paul) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To treat gold and silver coins used as legal tender in the same manner as United States currency for taxation purposes.

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 “Sound Money Promotion Act”.

SEC. 2. 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.