While the mainstream media has mostly been distracted by other activities in Congress, those of us who watch numismatic-related legislation have had our own action.
First, the House of Representatives passed Route 66 Centennial Commission Act (H.R. 66) to create a commission to celebrate the centennial of the famous Route 66 in 2026. Although this is not a numismatic-related bill per se, if passed, the bill says that the centennial commission will recommend commemorative coins for this event. The bill has been referred to the Senate Environment and Public Works Committee waiting further action.
The other legislation of note is the Monetary Metals Tax Neutrality Act of 2019 (H.R. 1089) that removes all tax considerations for the sale of “gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time.” It also exempts “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.” This means that no capital gains on the sale of these items will be taxed and no losses can be written off by the taxpayer.
An interesting side effect of this bill would be that the gains realized when rare coins auctioned for millions of dollars will not be taxed. This means if an 1804 Silver Dollar sells for more than the $3.8 million it sold for in 2013, the seller will not pay capital gains tax on the sale. However, if it sells for less, the seller will not be able to write-off the loss.
For those keeping score at home, this law will not help the sale of a 1913 Liberty Head Nickel since its composition is copper and nickel.
Of course, this will only be an issue if H.R. 1089 passes and the president signs it into law.
H.R. 66: Route 66 Centennial Commission Act
Summary: This bill establishes the Route 66 Centennial Commission to honor Route 66 on the occasion of its centennial anniversary.The Department of Transportation shall prepare a plan on the preservation needs of Route 66.
Received in the Senate and Read twice and referred to the Committee on Environment and Public Works. — Feb 7, 2019
Motion to reconsider laid on the table Agreed to without objection. — Feb 6, 2019
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 399 – 22 (Roll no. 67). — Feb 6, 2019
Considered as unfinished business. — Feb 6, 2019
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. — Feb 6, 2019
DEBATE – The House proceeded with forty minutes of debate on H.R. 66. — Feb 6, 2019
Considered under suspension of the rules. — Feb 6, 2019
Ms. Norton moved to suspend the rules and pass the bill. — Feb 6, 2019
Referred to the House Committee on Transportation and Infrastructure. — Jan 3, 2019
H.R. 1089: Monetary Metals Tax Neutrality Act of 2019
Summary: Monetary Metals Tax Neutrality Act of 2019This bill exempts gains or losses from the sale or exchange of certain coins or bullion from recognition for income tax purposes. The exemption applies to gains or losses from the sale or exchange of (1) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; or (2) refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.
Referred to the House Committee on Ways and Means. — Feb 7, 2019
S. 457: President George H.W. Bush and Barbara Bush Coin Act
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Feb 12, 2019
H.R. 1173: President George H.W. Bush and Barbara Bush Dollar Coin Act
Referred to the House Committee on Financial Services. — Feb 13, 2019
H.R. 1257: To require the Secretary of the Treasury to mint coins in commemoration of the United States Coast Guard.
Referred to the House Committee on Financial Services. — Feb 14, 2019
S. 509: A bill to require the Secretary of the Treasury to mint coins in commemoration of the United States Coast Guard.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Feb 14, 2019
Like this:
Like Loading...
Related Past Posts