This is a surprise. This past month Rep. Alex Mooney (R-WV) introduced a bill that would make the gains made on the sale of bullion coins issued by the U.S. Mint tax exempt. This would be for any precious metal coin. The bill says “No gain or loss shall be recognized on the sale or exchange of gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time…”
The bill also includes “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”
It is called the Monetary Metals Tax Neutrality Act of 2018 (H.R. 6790) and was introduced on September 12, 2018.
While this may be good for the numismatic community, with the mid-term elections just over a month away and congress mired in many fights, it is difficult to see that this bill passes. Even if it passes in a lame duck session, the possibility of the Senate acting on it is very low. Of course that depends on the outcome of the election and I have been wrong about prognosticating some bills!
Loading ...