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Bill Introduced to Allow Certified Coins in Retirement Accounts

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coin legislationOn October 8, 2009, a bill was introduced which seeks to amend the Internal Revenue Code to allow certain coins to be acquired by individual retirement accounts and other individually directed pension plan accounts.

The bill S. 1769 Options for Investors through United States Certified Coins Act of 2009 was introduced by Senator David Vitter of Louisiana.

The bill would amend the Internal Revenue Code to allow certain coins to be purchased by retirement accounts. In order to be eligible, the coin must be certified by an independent third party grading service, must have been at any time legal tender in the United States, and must be traded on a nationally recognized electronic coin trading network or listed by an independent coin reporting service.

Currently the bill has been referred to committee. In order to become law, it would need to be voted on and passed in the House and Senate, and then signed by the President.

Similar bills had been introduced by Senator Vitter in the 109th and 110th Congress. These bills were both referred to committee and never voted on by the House of Senate.

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