Tax Credits for Domestic Rare Earth Magnet Production
This act introduces new tax credits for companies manufacturing specific rare earth magnets within the United States. The goal is to boost domestic production of these critical materials, potentially impacting national security and the economy by reducing reliance on foreign suppliers. Citizens may indirectly benefit from a strengthened domestic industry and job creation.
Key points
Companies producing rare earth magnets in the U.S. can receive a tax credit of $20 per kilogram, or $30 per kilogram if at least 90% of the raw materials are sourced domestically.
The credit aims to support domestic manufacturing of key components, potentially enhancing national security and reducing foreign dependency.
The act restricts sourcing materials from non-allied foreign nations, with exceptions for materials seized during wartime by Ukraine or allied countries.
The credits will be phased out starting after 2034 and fully eliminated after 2037.
Status:
Introduced
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