S. 1769, sponsored by Senator David Vitter (R-LA), would amend the Internal Revenue Code to permit holders of individual retirement accounts (IRAs) or individually-directed pension plans to invest in US legal tender coinage that is certified by an independent third-party grading service, and traded on a nationally recognized electronic coin trading network or listed by an independent coin wholesale reporting service.  The bill includes other industry safeguards. To follow the bill’s progress online go to: http://www.govtrack.us/congress/bill.xpd?bill=s111-1769

S. 394, a bill introduced by the senior Senator from New York, Charles Schumer (D), seeks to amend the Internal Revenue Code to provide the same capital gains treatment for art and collectibles as for other investment property and to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literacy, musical, artistic, or scholarly compositions created by the donor.  In other words, if enacted, this bill would cut nearly in half the current tax rate on capital gains for rare coins and precious metals, (as well as other investments presently classified in the Code as “collectibles”), from 28% to 15%. Joining Mr. Schumer in sponsoring this measure are Senators Larry Crapo (R-ID) and Debbie Stabenow (D-MI).  You can follow the progress of the bill on GovTrack: http://www.govtrack.us/congress/bill.xpd?bill=s111-394

S. 1367, is a bill to amend the Internal Revenue Code to treat gold, silver, platinum, and palladium, in either coin or bar form, in the same manner as equities and mutual funds for purposes of the maximum capital gains rate for individuals.  Like S.394 that is discussed above, this bill would slash the capital gains rate on precious metals investment from 28% to 15%.  This bill was introduced by the senior senator from Idaho, Mr. Crapo, and is co-sponsored by the Majority Leader, Harry Reid (D-NV), and Senators John Ensign (R-NV) and James Risch (D-ID).  You can track the progress of this bill online at: http://www.govtrack.us/congress/bill.xpd?bill=s111-1367

You can find the contact information for your US Senators at the following link: http://www.senate.gov/.  In the upper right-hand corner of that page, are boxes that you can fill in to find your Senators and their contact information.  Senate offices provide you the opportunity to communicate with them by email; simply complete the requested information and in the comments section ask them to co-sponsor Senate bills 1769, 394, and 1367, explaining that these bills seek to level the playing field for investors in precious metals and rare coins, and that as a matter of simple fairness they should be passed as soon as possible.  If you don’t wish to email, a telephone call to their offices is acceptable as well.  Just tell the receptionist that you wish to express support for pending legislation and they will direct you to the appropriate staff member.

PLEASE DO THIS NOW!  Email makes contact quick and easy, and you can see from the article on the PA sales tax exemption above that your calls and emails do make a difference.