Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
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.
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Referred to the House Committee on Ways and Means.
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
This bill allows a new tax credit for the domestic production of rare earth magnets. The magnets must be manufactured or produced in the ordinary course of the taxpayer's trade or business. The credit is disallowed if any component rare earth material used to produce such magnets is produced in a non-allied foreign nation.
The bill defines rare earth magnet as a permanent magnet comprised of an alloy of neodymium, iron, and boron, or an alloy of samarium and cobalt, which may also include other material.
- Introduced in House Formatted Text PDF Formatted XML
Cite this page
U.S. Congress. (2026). H.R. 2849: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-2849/
"H.R. 2849: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-2849/.
H.R. 2849, 118th Cong. (2026), https://openamerica.io/bill/118-HR-2849/.
[H.R. 2849: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023](https://openamerica.io/bill/118-HR-2849/)