Tax Credits for US Rare Earth Magnet Production
This act introduces tax credits for companies manufacturing high-performance rare earth magnets in the United States. The goal is to boost domestic production of these critical materials, potentially impacting supply chain security and job creation in the technology sector. Citizens may indirectly benefit from a stronger economy and reduced reliance on foreign suppliers.
Key points
Companies producing rare earth magnets in the US will receive a tax credit of $20 per kilogram, or $30 per kilogram if at least 90% of the materials are US-sourced.
The credit will be phased out starting in 2035 and fully eliminated after 2037.
Magnets made with materials from non-allied foreign nations are not eligible for the credit, with a temporary exception for certain materials until 2027.
The act aims to strengthen the domestic supply chain for critical technologies and reduce reliance on foreign sources.
Status:
Introduced
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