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S. 768 (113th): Sound Money Promotion Act

The text of the bill below is as of Apr 18, 2013 (Introduced).


II

113th CONGRESS

1st Session

S. 768

IN THE SENATE OF THE UNITED STATES

April 18, 2013

(for himself,Mr. Cruz, andMr. Paul) introduced the following bill; which was read twice and referred to theCommittee 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 1986is amended—

(1)

by striking(as defined insection 408(m)without regard toparagraph (3) thereof)insubparagraph (A), and

(2)

by adding at the end the following new subparagraph:

(C)

Collectible

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).

.

(c)

Effective date

The provisions of, and amendments made by, this section shall take effect on the date of the enactment of this Act.