summary
Introduced
05/12/2020
05/12/2020
In Committee
05/12/2020
05/12/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used to extract critical minerals and metals from the United States, to modify the prohibition on the acquisition of certain sensitive materials from non-allied foreign nations, and for other purposes. This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting 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 Defense (DOD) 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, DOD 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.
AI Summary
This bill, the Onshoring Rare Earths Act of 2020 or the ORE Act, aims to incentivize the extraction of critical minerals and metals within the United States. It provides permanent full expensing for property used in the extraction of critical minerals and metals, as well as for nonresidential real property used in such extraction. The bill also allows a 200% tax deduction for the cost of purchasing or acquiring critical minerals and metals extracted from deposits in the U.S. Additionally, the bill establishes a grant program within the Department of Defense to finance pilot projects for the development of critical minerals and metals in the U.S., with at least 30% of the grant funds allocated to secondary recovery of these resources. Finally, the bill expands the prohibition on the acquisition of certain sensitive materials from non-allied foreign nations to include mined, refined, and separated materials.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 05/12/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3694/all-info |
| BillText | https://www.congress.gov/116/bills/s3694/BILLS-116s3694is.pdf |
| Bill | https://www.congress.gov/116/bills/s3694/BILLS-116s3694is.pdf.pdf |
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