IN THE SENATE OF THE UNITED STATES
June 28, 2011
Mr. DeMint (for himself, Mr. Lee, and Mr. Paul) introduced the following bill; which was read twice and referred to the Committee on Finance
To treat gold and silver coins used as legal tender in the same manner as United States currency for taxation purposes.
This Act may be cited as the
Sound Money Promotion
Gold and silver coins that are legal tender not subject to taxation
Gold and silver coins declared legal tender by the Federal Government or any State government shall not be subject to taxation.
Section 1(h)(5) of the Internal Revenue Code of 1986 is amended—
(as defined in section
408(m) without regard to paragraph (3) thereof) in subparagraph (A),
by adding at the end the following new subparagraph:
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).
The provisions of, and amendments made by, this section shall take effect on the date of the enactment of this Act.