ORE Act

Summary

Onshoring Rare Earths Act of 2020 or the ORE Act This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting 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 Defense (DOD) 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, DOD 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 29 July 2020

   Referred

   Referred to the Subcommittee on Select Revenue Measures.

   Source: Committee

2. 29 July 2020

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 29 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

4. 29 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 July 2020 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 July 2020

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 29 July 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Joyce, John [R-PA-13] · R · Sponsor
• · hswm00 · Standing
• · hsas00 · Standing

Related records

• related to → ORE Act
• related to ← RECOVERY Act
• related to ← 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.