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US SB989

Bill

Official Source

Status

Introduced

3/12/2025

Primary Sponsor

Catherine Cortez Masto

Click for details

Origin

Senate

119th Congress

AI Summary

  • Amends Section 851(b)(2)(A) of the Internal Revenue Code of 1986 to add precious metals to the list of qualifying income sources for regulated investment companies (RICs)
  • Places precious metals on equal tax footing with securities, foreign currencies, and other assets already recognized as qualifying income for RICs
  • Allows mutual funds and similar investment vehicles to invest in physical precious metals without jeopardizing their favorable tax status
  • Applies to taxable years beginning after the date of enactment
  • Introduced March 12, 2025 by Senators Cortez Masto, Risch, and Lummis; referred to the Committee on Finance

Legislative Description

Precious Metals Parity Act

Taxation

Last Action

Read twice and referred to the Committee on Finance.

3/12/2025

Committee Referrals

Finance3/12/2025

Full Bill Text

No bill text available