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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.
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Status:
Expired
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Additional Information
Print number: 117_HR_5033
Sponsor: Rep. Swalwell, Eric [D-CA-15]
Process start date: 2021-08-13
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5033.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-08-13.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Swalwell, Eric [D-CA-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy