Precious Metals Parity Act

Allow precious metals in RICs

This bill would let regulated investment companies (RICs) count income from certain precious metals as qualifying income. It would add "precious metals" to the list in section 851(b)(2)(A) and define them as gold, silver, platinum, or palladium bullion described in section 408(m)(3)(B). If enacted, the change would apply to taxable years beginning after the date of enactment. Funds that hold this bullion would be more likely to meet RIC qualifying-income rules, and investors in those funds would see changes in how fund income is treated for tax purposes.