Tax changes: higher depletion rate for critical rare earth minerals.
This Act adjusts tax rules for companies mining critical minerals, specifically the 15 lanthanide elements and scandium, which are vital for modern technology like electronics and electric vehicles. It increases the percentage depletion rate to 22% for these minerals, aiming to incentivize domestic production and reduce reliance on foreign supply chains. While directly impacting businesses, this change could indirectly affect the stability of supply and potentially the cost of technological goods for consumers.
Key points
The percentage depletion rate for rare earths (lanthanides and scandium) is increased to 22%.
The goal is to encourage greater domestic mining of these critical minerals, enhancing national economic and technological security.
The tax changes apply to taxable years beginning after the date the Act is officially passed into law.
Status:
Introduced
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