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H.R. 5033 117th Congress House

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021

Official title: To amend the Internal Revenue Code of 1986 to establish a credit for the domestic production of rare earth magnets, and for other purposes.

Introduced: August 24, 2021 See on congress.gov
Taxation Income tax creditsManufacturingMaterialsMetalsStrategic materials and reserves
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 13, 2021
Referred to the House Committee on Ways and Means.
Aug 13, 2021
Introduced in House
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 Latest action August 13, 2021

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021

This bill allows a new tax credit for the domestic production of rare earth magnets manufactured in the ordinary course of a taxpayer's trade or business. The bill defines rare earth magnet as a permanent magnet comprised of (1) an alloy of neodymium, praseodymium, iron, boron, terbium, or dysprosium; or (2) an alloy of samarium, gadolinium, and cobalt.

 Related & companion bills 1
  • S 4680 Rare Earth Magnet Manufacturing Production Tax Credit Act of 2022
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 12
All 12 Democratic 4 Republican 4
D
Casten, Sean
Illinois · Oct 21, 2022
RYAN, TIM
· Jul 18, 2022
 R
Carter, Earl L. "Buddy"
Georgia · Feb 18, 2022
Johnson, Bill
· Dec 7, 2021
 R
Calvert, Ken
California · Sep 27, 2021
 R
Obernolte, Jay
California · Sep 21, 2021
McKinley, David
· Sep 10, 2021
 D
Cuellar, Henry
Texas · Aug 27, 2021
Yarmuth, John
· Aug 27, 2021
 D
Horsford, Steven
Nevada · Aug 24, 2021
 D
Gonzalez, Vicente
Texas · Aug 17, 2021
 R
Reschenthaler, Guy
Pennsylvania · Aug 13, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5033: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021. 117th Congress. Open America. https://openamerica.io/bill/117-HR-5033/
MLA
"H.R. 5033: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-5033/.
Bluebook (legal)
H.R. 5033, 117th Cong. (2026), https://openamerica.io/bill/117-HR-5033/.
Markdown link
[H.R. 5033: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021](https://openamerica.io/bill/117-HR-5033/)
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