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Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

USA118th CongressS-3521| Senate 
| Updated: 1/18/2024
Catherine Cortez Masto

Catherine Cortez Masto

Democratic Senator

Nevada

Cosponsors (1)
Markwayne Mullin (Republican)

Finance Committee, Banking, Housing, and Urban Affairs 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

S 117-4680
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2022
Apr 25, 2023

Latest Companion Bill Action

HR 118-2849
Introduced in House
Dec 14, 2023
Introduced in Senate
Dec 14, 2023
Read twice and referred to the Committee on Finance.
Jan 18, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • Bill from Previous Congress

    S 117-4680
    Rare Earth Magnet Manufacturing Production Tax Credit Act of 2022


  • April 25, 2023

    Latest Companion Bill Action

    HR 118-2849
    Introduced in House


  • December 14, 2023
    Introduced in Senate


  • December 14, 2023
    Read twice and referred to the Committee on Finance.


  • January 18, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.

Taxation

Related Bills

  • HR 118-2849: 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 CongressS-3521| Senate 
| Updated: 1/18/2024
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

S 117-4680
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2022
Apr 25, 2023

Latest Companion Bill Action

HR 118-2849
Introduced in House
Dec 14, 2023
Introduced in Senate
Dec 14, 2023
Read twice and referred to the Committee on Finance.
Jan 18, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • Bill from Previous Congress

    S 117-4680
    Rare Earth Magnet Manufacturing Production Tax Credit Act of 2022


  • April 25, 2023

    Latest Companion Bill Action

    HR 118-2849
    Introduced in House


  • December 14, 2023
    Introduced in Senate


  • December 14, 2023
    Read twice and referred to the Committee on Finance.


  • January 18, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.
Catherine Cortez Masto

Catherine Cortez Masto

Democratic Senator

Nevada

Cosponsors (1)
Markwayne Mullin (Republican)

Finance Committee, Banking, Housing, and Urban Affairs Committee

Taxation

Related Bills

  • HR 118-2849: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Income tax creditsManufacturingMaterialsMetalsStrategic materials and reserves