Legis Daily

ORE Act

USA116th CongressHR-7812| House 
| Updated: 7/29/2020
John Joyce

John Joyce

Republican Representative

Pennsylvania

Ways and Means Committee, Tax Subcommittee, Armed Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Onshoring Rare Earths Act of 2020 or the ORE Act This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year. The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States. The bill requires the Department of Defense (DOD) to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, DOD must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.
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Timeline
May 12, 2020

Latest Companion Bill Action

S 116-3694
Introduced in Senate
Jul 29, 2020
Introduced in House
Jul 29, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 29, 2020
Referred to the Subcommittee on Select Revenue Measures.
  • May 12, 2020

    Latest Companion Bill Action

    S 116-3694
    Introduced in Senate


  • July 29, 2020
    Introduced in House


  • July 29, 2020
    Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


  • July 29, 2020
    Referred to the Subcommittee on Select Revenue Measures.

Taxation

Related Bills

  • S 116-3694: ORE Act
  • HR 116-8143: To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes.
  • S 116-4537: RECOVERY Act
Business expensesBusiness investment and capitalBuy American requirementsDefense spendingIncome tax deductionsMaterialsMetalsMilitary procurement, research, weapons developmentMiningPublic contracts and procurementStrategic materials and reserves

ORE Act

USA116th CongressHR-7812| House 
| Updated: 7/29/2020
Onshoring Rare Earths Act of 2020 or the ORE Act This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year. The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States. The bill requires the Department of Defense (DOD) to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, DOD must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 12, 2020

Latest Companion Bill Action

S 116-3694
Introduced in Senate
Jul 29, 2020
Introduced in House
Jul 29, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 29, 2020
Referred to the Subcommittee on Select Revenue Measures.
  • May 12, 2020

    Latest Companion Bill Action

    S 116-3694
    Introduced in Senate


  • July 29, 2020
    Introduced in House


  • July 29, 2020
    Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


  • July 29, 2020
    Referred to the Subcommittee on Select Revenue Measures.
John Joyce

John Joyce

Republican Representative

Pennsylvania

Ways and Means Committee, Tax Subcommittee, Armed Services Committee

Taxation

Related Bills

  • S 116-3694: ORE Act
  • HR 116-8143: To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes.
  • S 116-4537: RECOVERY Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business expensesBusiness investment and capitalBuy American requirementsDefense spendingIncome tax deductionsMaterialsMetalsMilitary procurement, research, weapons developmentMiningPublic contracts and procurementStrategic materials and reserves