IN THE SENATE OF THE UNITED STATES
April 18, 2013
Mr. Lee(for himself,Mr. Cruz, andMr. Paul) introduced the following bill; which was read twice and referred to theCommittee 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 1986is amended—
(as defined insection
408(m)without regard toparagraph (3) thereof)insubparagraph (A),
by adding at the end the following new subparagraph:
For purposes of this paragraph, the termcollectiblehas the meaning given such term bysection 408(m), determined without regard tosubparagraphs (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.