S. 989 proposes an amendment to the Internal Revenue Code of 1986 to change the way income from precious metals is treated for investment companies. The bill suggests treating income that investment companies earn from precious metals as “qualifying income,” similar to how...
Simple Explanation
Imagine there's a big piggy bank that makes money by dealing with shiny, special metals like gold and silver. This bill wants to change the rules so when the piggy bank makes money from these shiny metals, it's counted in a way that helps it follow the rules, just like when it makes money from pretend money tricks.