Two new coin bills have been introduced in Congress this month. One was brought forward in the Senate and would allow certified coins in individual retirement accounts. Another was passed in the House that would commemorate the Girl Scouts of USA. A description of each follows.
Girl Scouts USA Centennial Commemorative Coin Act
The act, also known as H.R. 621, passed in the House by voice vote on Tuesday, Oct. 13. If it also passes in the Senate and both chambers agree on any changes, and then it gets signed by President Obama, up to 350,000 commemorative silver dollars would be minted in 2013. The coins, as the act describes, would celebrate the 100th anniversary of the founding of the Girl Scouts of the USA.
H.R. 621 was introduced by Rep. Jack Kingston who was commended by Kathy Cloninger, the Girl Scouts of the USA CEO.
"On behalf of current and former Girl Scouts across the country, we are honored and delighted by the passage, which recognizes Girl Scouts' century of service and leadership," said Cloninger. "We are especially grateful for the leadership of Congressman Jack Kingston, who has been such a strong supporter of Girl Scouts. We look forward to celebrating the next 100 years of Girl Scouts."
Eventual passage of this bill seems more than likely, considering similar legislation honoring the centennial foundation of the Boy Scouts became become law last year. How can you honor one organization and not the other?
$10 surcharge per coin paid to the Girl Scouts of the United States of America and made available for Girl Scout program development and delivery.
Options for Investors through United States Certified Coins Act of 2009
This bill, listed as S. 1769, was actually introduced late last week -- Oct. 8 -- by Sen. David Vitter and finally made available via the Government Printing Office (GPO). The legislation is the third version by Sen. Vitter. He introduced similar measures in 2005 and 2007. Both died with the conclusion of the respective 109th and 110th Congress.
If S. 1769 should become law, it would amend the Internal Revenue Code of 1986 to allow certain coins to be acquired by individual retirement accounts and other individually directed pension plan accounts.
Cited criteria includes:
(I) certified by an independent, third-party grading service,
(II) at any time, legal tender in the United States, and
(III) traded on a nationally recognized electronic coin trading network or listed by an independent coin wholesale reporting service
It would apply to taxable years beginning after December 31, 2009.
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Hi – I would like to know why the Girl Scout dollar coin will not come out until 2013 rather than the year of the 100th Anniversary – 2012. The Boy Scout 100th Anniversary coin is coming out in their year of 2010. What happened?
I really would like an explanation of my comments. Thank you, Nancy