Tax Credit for Domestic Rare Earth Magnet Production
This law creates a new tax credit for companies that manufacture rare earth magnets within the United States. The goal is to encourage domestic production of these critical components, potentially impacting jobs and supply chain security in the US.
Key points
Companies producing rare earth magnets in the US can receive a tax credit of $20 per kilogram.
The credit increases to $30 per kilogram if all rare earth materials used are also produced in the US.
No credit is available if materials come from 'non-allied foreign nations'.
The credit program will be phased out starting in 2031 and will end after 2033.
Expired
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