Bill > HR5033

This bill, the Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021, amends the Internal Revenue Code to establish a tax credit for the domestic production of rare earth magnets. The credit is $20 per kilogram of rare earth magnets manufactured in the United States, or $30 per kilogram if all the component rare earth material is also produced in the U.S. The credit is subject to a phase-out starting in 2031, and taxpayers are not eligible for the credit if any component rare earth material was produced in a non-allied foreign nation. The bill defines key terms like "rare earth magnet" and "component rare earth material," and allows taxpayers to elect to receive the credit as a payment against their tax liability rather than as a credit.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/5033/all-info