H.R. 8143 · 116th Congress
To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is…
Full title
To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GoodenSponsor15 cosponsors · 3 D, 12 R
D
Cuellar
VG
D
Gonzalez
WH
R
Hurd
PO
R
Olson
RW
R
Weber
RW
R
Williams
AB
R
Barr
LC
R
Cheney
LG
R
Gohmert
MG
R
Gaetz
VT
R
Taylor
RW
R
Wright
DY
R
Young
GR
R
Reschenthaler
ES
D
Swalwell6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows permanent expensing of property used in the mining, reclaiming, or recycling of certain critical minerals and metals within the United States and of nonresidential real property used in mining such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year.
What it does: CRS summary · Introduced in House · Sep 1, 2020
This bill allows permanent expensing of property used in the mining, reclaiming, or recycling of certain critical minerals and metals within the United States and of nonresidential real property used in mining such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year.
The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States.
The bill requires the Department of the Interior to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, Interior must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes.
Latest action (Sep 10, 2020): Referred to the Subcommittee on Energy and Mineral Resources.
Policy area: Taxation · Origin: House · Introduced: Sep 1, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.