< Back to S. 2678 (106th Congress, 1999–2000)

Text of A bill to amend the Internal Revenue Code of 1986 to treat gold, silver, and platinum, in either coin or ...

...either coin or bar, in the same manner as stocks and bonds for purposes of the maximum capital gains rate for individuals.

This bill was introduced on June 6, 2000, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jun 6, 2000 (Introduced).

Source: GPO

S 2678 IS

106th CONGRESS

2d Session

S. 2678

To amend the Internal Revenue Code of 1986 to treat gold, silver, and platinum, in either coin or bar form, in the same manner as stocks and bonds for purposes of the maximum capital gains rate for individuals.

IN THE SENATE OF THE UNITED STATES

June 6, 2000

Mr. BRYAN (for himself, Mr. MURKOWSKI, Mr. REID, and Mr. ALLARD) 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 treat gold, silver, and platinum, in either coin or bar form, in the same manner as stocks and bonds for purposes of the maximum capital gains rate for individuals.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. GOLD, SILVER, AND PLATINUM TREATED IN THE SAME MANNER AS STOCKS AND BONDS FOR MAXIMUM CAPITAL GAINS RATE FOR INDIVIDUALS.

    (a) IN GENERAL- Subparagraph (A) of section 1(h)(6) of the Internal Revenue Code of 1986 (relating to definition of collectibles gain and loss) is amended by striking ‘without regard to paragraph (3) thereof’ and inserting ‘without regard to so much of paragraph (3) thereof as relates to palladium and the bullion requirement for physical possession by a trustee’.

    (b) EFFECTIVE DATE- The amendment made by subsection (a) shall to taxable years beginning after December 31, 1999.