Termination of capital gains treatment for royalties from coal

(a) In general Subsection (c) of section 631 of the Internal Revenue Code of 1986 is amended— (1) by striking coal (including lignite), or iron ore and inserting iron ore, (2) by striking coal or iron ore each place it appears and inserting iron ore, (3) by striking iron ore or coal each place it appears and inserting iron ore, and (4) by striking coal or in the heading. (b) Conforming amendments (1) The heading of section 631 of the Internal Revenue Code of 1986 is amended by striking, coal,. (2) Section 1231(b)(2) of such Code is amended by striking, coal,. (c) Effective date The amendments made by this section shall apply to dispositions after the date of the enactment of this Act.