This Act may be cited as the Precious Metals Parity Act.

(a) In general Section 851(b) of the Internal Revenue Code of 1986 is amended— (1) in paragraph (2)(A)— (A) by striking or foreign currencies and inserting, foreign currencies, or precious metals, and (B) by striking or currencies and inserting currencies, or precious metals, and (2) by adding at the end the following new sentence: For purposes of paragraph (2), the term precious metals means any gold, silver, platinum, or palladium bullion described in section 408(m)(3)(B).. (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.