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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.

House floor actions Actions

IntroReferral
Apr. 25 2023	Referred to the House Committee on Ways and Means.

Library of Congress Actions

IntroReferral
Apr. 25 2023	Introduced in House Introduced in House

House bill HR2849-118

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

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