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S. 3521 118th Congress Senate

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

Official title: A bill 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: December 14, 2023 Introduced by: Catherine Cortez Masto Democratic · Nevada See on congress.gov
Taxation Income tax creditsManufacturingMaterialsMetalsStrategic materials and reserves
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 18, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Dec 14, 2023
Read twice and referred to the Committee on Finance.
Dec 14, 2023
Introduced in Senate
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 Latest action January 18, 2024

Committee on Banking, Housing, and Urban Affairs. Hearings held.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 2849 Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Lobbying activity 7

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

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APA
U.S. Congress. (2026). S. 3521: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-3521/
MLA
"S. 3521: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-3521/.
Bluebook (legal)
S. 3521, 118th Cong. (2026), https://openamerica.io/bill/118-S-3521/.
Markdown link
[S. 3521: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023](https://openamerica.io/bill/118-S-3521/)
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