A bill 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 as 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 from such fee: (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. Provides that deficits in the coinage metal fund shall be funded from the import fees collected, with any excess to be reserved in a silver producers' loan funds. Directs the Secretary of the Treasury (Secretary) to make interest-free loans to producers of domestic silver in amounts determined in accordance with a specified formula. Requires any person subject to the import fee to register with the Secretary before incurring any liability.

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Documents

1 official file

• Introduced in House

  summary · EN · 9 April 1987

  Open at official source

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