118th Congress Taxation
S. 3521: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (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
- Markwayne Mullin R-OKOriginal
Who scored on this bill
- 1Catherine Cortez Masto SponsorDrew cross-party cosponsors, introduced2 events+6
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History
- Introduced in the Senate by Catherine Cortez Masto.
Show the full action history (3 actions)
- Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Introduced in Senate
- Read twice and referred to the Committee on Finance.