Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R ReschenthalerSponsor

27 cosponsors · 13 D, 14 R

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

What it does: CRS summary · Introduced in House · Apr 25, 2023

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

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 nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

Latest action (Apr 25, 2023): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Apr 25, 2023

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.