HR 5033
117th Congress
House
Taxation
Income tax credits
Manufacturing
Materials
Metals
Strategic materials and reserves
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021
Introduced: August 13, 2021
See on congress.gov
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
Plain-English summary
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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1