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ORE Act

USA116th CongressS-3694| Senate 
| Updated: 5/12/2020
Ted Cruz

Ted Cruz

Republican Senator

Texas

Finance 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
Introduced in Senate
May 12, 2020
Read twice and referred to the Committee on Finance.
Jul 29, 2020

Latest Companion Bill Action

HR 116-7812
Introduced in House
  • May 12, 2020
    Introduced in Senate


  • May 12, 2020
    Read twice and referred to the Committee on Finance.


  • July 29, 2020

    Latest Companion Bill Action

    HR 116-7812
    Introduced in House

Taxation

Related Bills

  • HR 116-7812: 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

ORE Act

USA116th CongressS-3694| Senate 
| Updated: 5/12/2020
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
Introduced in Senate
May 12, 2020
Read twice and referred to the Committee on Finance.
Jul 29, 2020

Latest Companion Bill Action

HR 116-7812
Introduced in House
  • May 12, 2020
    Introduced in Senate


  • May 12, 2020
    Read twice and referred to the Committee on Finance.


  • July 29, 2020

    Latest Companion Bill Action

    HR 116-7812
    Introduced in House
Ted Cruz

Ted Cruz

Republican Senator

Texas

Finance Committee

Taxation

Related Bills

  • HR 116-7812: 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