Tax Deduction for Domestic Mineral Purchases
This act introduces a new tax deduction for U.S. businesses that purchase specific materials directly from domestic smelters or processors. The goal is to strengthen American industry and reduce reliance on foreign suppliers, potentially leading to greater economic stability and national security.
Key points
Businesses can deduct an additional 10% of the cost of certain materials if purchased from domestic smelters or processors.
This applies to materials crucial for energy infrastructure, national defense, manufacturing, agriculture, telecommunications, and healthcare.
The aim is to enhance supply chain security and economic independence for the U.S. by supporting domestic production.
Expired
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