Precious Metals Parity Act

This bill updates the tax code to treat income from precious metals similarly to income from foreign currencies for regulated investment companies (RICs), such as mutual funds. It directly affects RICs that invest in gold, silver, or other precious metals by removing a potential tax complication. The key change adds "precious metals" to the list of assets exempt from specific passive income rules under the Internal Revenue Code. This means RICs earning income from precious metals will no longer face additional tax treatment for those earnings, aligning their tax treatment with foreign currency income. The change applies to taxable years starting after the bill's enactment.