Bill
Bill > S4680
summary
Introduced
07/28/2022
07/28/2022
In Committee
07/28/2022
07/28/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to establish a credit for the domestic production of rare earth magnets, and for other purposes.
AI Summary
This bill establishes a tax credit for the domestic production of rare earth magnets. It provides a credit of $20 per kilogram for rare earth magnets manufactured in the United States, and a credit of $30 per kilogram if at least 90% of the component rare earth materials are also manufactured in the United States. The credit will be gradually phased out from 2031 to 2033. The bill also restricts the credit from being claimed if any component rare earth material was manufactured in a non-allied foreign nation. The credit can be claimed as a direct payment against the taxpayer's income tax liability.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 07/28/2022)
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/117th-congress/senate-bill/4680/all-info |
| BillText | https://www.congress.gov/117/bills/s4680/BILLS-117s4680is.pdf |
| Bill | https://www.congress.gov/117/bills/s4680/BILLS-117s4680is.pdf.pdf |
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