S. 989 — Introduced in Senate

II 119th CONGRESS 1st Session S. 989 IN THE SENATE OF THE UNITED STATES March 12, 2025Ms. Cortez Masto (for herself, Mr. Risch, and Ms. Lummis) 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 provide that income received by a regulated investment company from precious metals shall be treated as qualifying income. 1. Short title This Act may be cited as the Precious Metals Parity Act. 2. Treatment of income received by regulated investment companies from precious metals (a) In general Section 851(b)(2)(A) of the Internal Revenue Code of 1986 is amended— (1) by striking or foreign currencies and inserting , foreign currencies, or precious metals,, and (2) by striking or currencies and inserting currencies, or precious metals. (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.