Precious Metals Parity Act

This bill, known as the "Precious Metals Parity Act," proposes to amend the Internal Revenue Code of 1986 to alter how income from precious metals is treated for regulated investment companies. Specifically, it modifies Section 851(b)(2)(A) to include precious metals alongside foreign currencies as a source of qualifying income. This change ensures that income derived by a regulated investment company from precious metals will be recognized as qualifying income. The amendment aims to allow these companies to maintain their tax-advantaged status while investing in precious metals. The provisions of this Act will apply to taxable years beginning after its enactment.