Precious Metals Parity Act

The Precious Metals Parity Act amends tax rules to treat precious metals the same way as foreign currencies for regulated investment companies. Specifically, it updates the Internal Revenue Code to include gold, silver, platinum, and palladium bullion when calculating how these companies report income. This change ensures that investment funds holding these specific metals are taxed consistently with those holding foreign currency assets. The provision applies to taxable years starting after the law is enacted.