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Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

USA118th CongressHR-2849| House 
| Updated: 4/25/2023
Guy Reschenthaler

Guy Reschenthaler

Republican Representative

Pennsylvania

Cosponsors (27)
Marc A. Veasey (Democratic)Brett Guthrie (Republican)Christopher R. Deluzio (Democratic)Chrissy Houlahan (Democratic)Mariannette Miller-Meeks (Republican)Jimmy Panetta (Democratic)Eric Swalwell (Democratic)Paul Tonko (Democratic)Earl L. "Buddy" Carter (Republican)Ken Calvert (Republican)Vicente Gonzalez (Democratic)Daniel Meuser (Republican)Andy Barr (Republican)Richard Hudson (Republican)Raja Krishnamoorthi (Democratic)John R. Moolenaar (Republican)Kathy Castor (Democratic)Mike Gallagher (Republican)Henry Cuellar (Democratic)Sean Casten (Democratic)Pete Stauber (Republican)David G. Valadao (Republican)Mary Sattler Peltola (Democratic)Jay Obernolte (Republican)Nick LaLota (Republican)Susie Lee (Democratic)Bill Johnson (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

HR 117-5033
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021
Apr 25, 2023
Introduced in House
Apr 25, 2023
Referred to the House Committee on Ways and Means.
Jan 18, 2024

Latest Companion Bill Action

S 118-3521
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • Bill from Previous Congress

    HR 117-5033
    Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021


  • April 25, 2023
    Introduced in House


  • April 25, 2023
    Referred to the House Committee on Ways and Means.


  • January 18, 2024

    Latest Companion Bill Action

    S 118-3521
    Committee on Banking, Housing, and Urban Affairs. Hearings held.

Taxation

Related Bills

  • S 118-3521: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
Income tax creditsManufacturingMaterialsMetalsStrategic materials and reserves

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

USA118th CongressHR-2849| House 
| Updated: 4/25/2023
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.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

HR 117-5033
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021
Apr 25, 2023
Introduced in House
Apr 25, 2023
Referred to the House Committee on Ways and Means.
Jan 18, 2024

Latest Companion Bill Action

S 118-3521
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • Bill from Previous Congress

    HR 117-5033
    Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021


  • April 25, 2023
    Introduced in House


  • April 25, 2023
    Referred to the House Committee on Ways and Means.


  • January 18, 2024

    Latest Companion Bill Action

    S 118-3521
    Committee on Banking, Housing, and Urban Affairs. Hearings held.
Guy Reschenthaler

Guy Reschenthaler

Republican Representative

Pennsylvania

Cosponsors (27)
Marc A. Veasey (Democratic)Brett Guthrie (Republican)Christopher R. Deluzio (Democratic)Chrissy Houlahan (Democratic)Mariannette Miller-Meeks (Republican)Jimmy Panetta (Democratic)Eric Swalwell (Democratic)Paul Tonko (Democratic)Earl L. "Buddy" Carter (Republican)Ken Calvert (Republican)Vicente Gonzalez (Democratic)Daniel Meuser (Republican)Andy Barr (Republican)Richard Hudson (Republican)Raja Krishnamoorthi (Democratic)John R. Moolenaar (Republican)Kathy Castor (Democratic)Mike Gallagher (Republican)Henry Cuellar (Democratic)Sean Casten (Democratic)Pete Stauber (Republican)David G. Valadao (Republican)Mary Sattler Peltola (Democratic)Jay Obernolte (Republican)Nick LaLota (Republican)Susie Lee (Democratic)Bill Johnson (Republican)

Ways and Means Committee

Taxation

Related Bills

  • S 118-3521: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Income tax creditsManufacturingMaterialsMetalsStrategic materials and reserves