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Tax Credits for US Rare Earth Magnet Production

This new law introduces tax credits for companies manufacturing rare earth magnets in the United States. The goal is to boost domestic production of these critical components, potentially leading to more stable supply chains and local industry growth. Citizens may indirectly benefit from a stronger economy and job creation.
Key points
Companies producing rare earth magnets in the US will receive a tax credit of $20 per kilogram.
An additional credit of $30 per kilogram is available if at least 90% of component materials are sourced from the US.
No credit will be granted if component materials originate from non-allied foreign nations.
The credit program will be phased out starting in 2033 and will end after 2035.
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Additional Information
Print number: 118_HR_2849
Sponsor: Rep. Reschenthaler, Guy [R-PA-14]
Process start date: 2023-04-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2849.

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 2023-04-25.

What are the main provisions?

Key points include:

  • Companies producing rare earth magnets in the US will receive a tax credit of $20 per kilogram.
  • An additional credit of $30 per kilogram is available if at least 90% of component materials are sourced from the US.
  • No credit will be granted if component materials originate from non-allied foreign nations.
  • The credit program will be phased out starting in 2033 and will end after 2035.
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. Reschenthaler, Guy [R-PA-14].

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 2025-12-25.

CATEGORIES

Taxes Economy