To amend the Internal Revenue Code of 1986 to impose a fee on the importation of silver bullion.

Summary

Amends the Internal Revenue Code to impose a fee on any silver bullion imported into the United States. Sets the amount of such fee at the difference between $7.50 and the average monthly price for the month immediately preceding the date of the first sale within the United States of such silver bullion. Exempts: (1) any sale of silver destined for export, upon proof that it has been exported within six months of the first sale within the United States; and (2) the first 6,500,000 ounces of silver bullion sold and imported into the United States during any calendar month. Uses import fee revenue to fund any deficits in the coinage metal fund. Reserves any excess in a silver producers' loan fund. Directs the Secretary of the Treasury to make interest-free loans to producers of domestic silver in amounts determined in accordance with a specified formula.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 March 1989

  Open at official source

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