This legislation proposes an amendment to the Internal Revenue Code of 1986, focusing on tax provisions related to mineral extraction. Its primary purpose is to adjust the percentage depletion rate for specific rare earth elements, aiming to encourage domestic production and investment in these critical resources. Specifically, the bill modifies section 613(b)(1)(B) of the Internal Revenue Code to include the 15 lanthanide elements and scandium among the minerals eligible for a 22 percent depletion rate . This change represents an increase in the tax benefit for companies involved in the extraction of these rare earths. The amendment will take effect for all taxable years beginning after the bill's enactment date.