< Back to S. 1287 (112th Congress, 2011–2013)

Text of the Sound Money Promotion Act

This bill was introduced on June 28, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jun 28, 2011 (Introduced).

Source: GPO

II

112th CONGRESS

1st Session

S. 1287

IN THE SENATE OF THE UNITED STATES

June 28, 2011

(for himself, Mr. Lee, 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.