S 3521
118th Congress
Senate
Taxation
Income tax credits
Manufacturing
Materials
Metals
Strategic materials and reserves
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
Introduced: December 14, 2023
Introduced by:
Cortez Masto, Catherine
Democratic
· Nevada
See on congress.gov
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
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
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Committees of jurisdiction
2