Sound Money Promotion Act

Bill: 113-s-768
Sponsor: full_name: Sen. Lee, Mike [R-UT]
Introduced: 2013-04-18
Policy area: Taxation
Subjects: Capital gains tax

Currency

Income tax exclusion

Metals
Latest action: action_date: 2013-04-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-04-18
action_desc: Introduced in Senate
text: <p>Sound Money Promotion Act - Exempts gold and silver coins declared to be legal tender&nbsp;by the federal government or any state government from taxation.</p>

tv_txt: II 113th CONGRESS 1st Session S. 768 IN THE SENATE OF THE UNITED STATES April 18, 2013 Mr. Lee (for himself, Mr. Cruz , 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.

1. Short title This Act may be cited as the Sound Money Promotion Act . 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.