HR 2849
118th Congress
House
Taxation
Income tax credits
Manufacturing
Materials
Metals
Strategic materials and reserves
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
Introduced: April 25, 2023
Introduced by:
Reschenthaler, Guy
Republican
· Pennsylvania
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 25, 2023
Referred to the House Committee on Ways and Means.
Apr 25, 2023
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1