U.S. companies making special magnets would get new tax credits for domestic production.
This bill would create a new federal tax credit for businesses that make high-performance rare earth magnets in the United States. It aims to encourage more domestic production of these important materials. Companies could get $20 or $30 per kilogram, depending on where their raw materials come from, starting in tax years after December 31, 2024.
Today, there is no specific federal tax credit for companies that make high-performance rare earth magnets in the United States. If this bill becomes law, companies that produce and sell these magnets domestically would be eligible for a new tax credit of $20 per kilogram. The credit would be $30 per kilogram if 90 percent of the raw materials are also U.S.-made. This change would take effect for tax years beginning after December 31, 2024.
HR 1496 · 119th Congress · February 21, 2025 · AI Summary by gemini-2.5-flash · 7/10
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9 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.