S 4680
117th Congress
Senate
Taxation
Income tax credits
Manufacturing
Materials
Metals
Strategic materials and reserves
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2022
Introduced: July 28, 2022
Introduced by:
Cortez Masto, Catherine
Democratic
· Nevada
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 28, 2022
Read twice and referred to the Committee on Finance.
Jul 28, 2022
Introduced in Senate
Plain-English summary
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2022
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, iron, and boron, which may also include praseodymium, terbium, or dysprosium; or (2) an alloy of samarium and cobalt, which may also include gadolinium or any associated host mineral of a component rare earth material.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1