118th Congress Taxation
H.R. 2849: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill allows a new tax credit for the domestic production of rare earth magnets. The magnets must be manufactured or produced in the ordinary course of the taxpayer's trade or business. The credit is disallowed if any component rare earth material used to produce such magnets is produced in a non-allied foreign nation.
The bill defines rare earth magnet as a permanent magnet comprised of an alloy of neodymium, iron, and boron, or an alloy of samarium and cobalt, which may also include other material.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Eric Swalwell D-CAOriginal
- Henry Cuellar D-TX
- Daniel Meuser R-PA
- Earl Carter R-GA
- Sean Casten D-IL
- Bill Johnson R-OH
- Susie Lee D-NV
- Ken Calvert R-CA
- Vicente Gonzalez D-TX
- Mariannette Miller-Meeks R-IA
- Garland Barr R-KY
- Raja Krishnamoorthi D-IL
- Mike Gallagher R-WI
- Kathy Castor D-FL
- Chris Deluzio D-PA
- Chrissy Houlahan D-PA
- Jimmy Panetta D-CA
- Marc Veasey D-TX
- Nicolas LaLota R-NY
- Brett Guthrie R-KY
- John Moolenaar R-MI
- Pete Stauber R-MN
- David Valadao R-CA
- Richard Hudson R-NC
- Jay Obernolte R-CA
- Mary Peltola D-AK
- Paul Tonko D-NY
Who scored on this bill
- 1Guy Reschenthaler SponsorDrew cross-party cosponsors, introduced, reached a cosponsor milestone3 events+12
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Introductions and cosponsorships count toward weekly caps and show no points.
History
- Introduced in the House by Guy Reschenthaler.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.