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S 3694 116th Congress Senate Taxation

ORE Act

Introduced: May 12, 2020 Introduced by: Cruz, Ted Republican · Texas See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 12, 2020
Read twice and referred to the Committee on Finance.
May 12, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Onshoring Rare Earths Act of 2020 or the ORE Act

This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year.

The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States.

The bill requires the Department of Defense (DOD) to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, DOD must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.

What's happening now May 12, 2020

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1