This bill, titled the Critical Minerals Investment Tax Modernization Act of 2026, aims to modify the Internal Revenue Code of 1986 to enhance tax incentives for the extraction of specific critical minerals. Its primary provision is to adjust the percentage depletion rate for certain rare earths and scandium. The legislation amends Section 613(b)(1)(B) of the Internal Revenue Code to include the 15 lanthanide elements , defined as rare earths, and scandium , alongside other minerals already eligible for a 22 percent depletion rate. This change is intended to provide a more favorable tax treatment for companies involved in the mining and production of these materials. The amendment will take effect for taxable years beginning after the date of the Act's enactment.