Precious Metals Parity Act

This bill amends the Internal Revenue Code to treat income from precious metals the same as income from foreign currencies for regulated investment companies (RICs), such as mutual funds. Specifically, it adds "precious metals" to the list of assets exempt from certain tax rules under Section 851(b)(2)(A). This change directly affects RICs that hold precious metals (like gold or silver) as part of their investment portfolios, aligning their tax treatment with that of foreign currency holdings. The policy shift removes a prior distinction in how RICs are taxed on income generated from these assets. The amendment applies to taxable years beginning after the bill's enactment date.