The Precious Metals Parity Act would change tax rules to allow investment companies called regulated investment companies (REICs) to count income from precious metals—such as gold, silver, and other metals—as "qualifying income" for tax purposes. Currently, these companies can treat income from foreign currencies as qualifying income, but precious metals are not given the same treatment, putting them at a disadvantage. This bill essentially puts precious metals on equal footing with foreign currencies under tax law. The change would take effect for tax years beginning after the bill is signed into law. The legislation was introduced by Senator Catherine Cortez Masto and has bipartisan support.
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