Bill > S989

This bill modifies the Internal Revenue Code of 1986 to expand the definition of "qualifying income" for regulated investment companies (RICs), which are typically mutual funds or exchange-traded funds (ETFs), to include income derived from precious metals. Specifically, the bill amends Section 851(b)(2)(A) to add "precious metals" alongside existing categories of qualifying income like foreign currencies. This change means that RICs can now receive income from investments in precious metals (such as gold, silver, platinum, or palladium) and still maintain their tax-advantaged status. The amendments will apply to all taxable years starting after the date the bill is enacted, which would provide investment companies with more flexibility in their investment strategies and potentially offer investors more diverse investment options within regulated investment vehicles.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/989/all-info