What does Preamble of Precious Metals Parity Act do?

This bill proposes an amendment to the Internal Revenue Code of 1986. The proposed amendment concerns the treatment of income received by regulated investment companies. Specifically, the bill aims to classify income from precious metals as 'qualifying income' for regulated investment companies.

What does SHORT TITLE. of Precious Metals Parity Act do?

This bill is formally titled the Precious Metals Parity Act.

What does TREATMENT OF INCOME RECEIVED BY REGULATED INVESTMENT COMPANIES of Precious Metals Parity Act do?

This section amends Section 851(b)(2)(A) of the Internal Revenue Code of 1986. The amendment expands the types of assets considered for income treatment to include precious metals, in addition to currencies. The changes apply to taxable years beginning after the enactment of this Act.

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Precious Metals Parity Act

Last updated: 3/12/2025 · Introduced: 3/12/2025

Author: Catherine Cortez Masto (D-NV)

TL;DR (AI)

The Precious Metals Parity Act amends the Internal Revenue Code to classify income from precious metals as 'qualifying income' for regulated investment companies.
This bill expands the types of assets considered for income treatment for regulated investment companies to include precious metals, alongside currencies.
The changes introduced by this Act will apply to taxable years beginning after its enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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