Bill > HR8143

Introduced Session

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. 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.

Committee Categories

Lance Gooden (R)*,  Andy Barr (R),  Liz Cheney (R),  Henry Cuellar (D),  Matt Gaetz (R),  Louie Gohmert (R),  Vicente Gonzalez (D),  Will Hurd (R),  Pete Olson (R),  Guy Reschenthaler (R),  Eric Swalwell (D),  Van Taylor (R),  Randy Weber (R),  Roger Williams (R),  Ron Wright (R),  Don Young (R), 

Referred to the Subcommittee on Energy and Mineral Resources. (on 09/10/2020)

Official Document