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.

Summary

This bill allows permanent expensing of property used in the mining, reclaiming, or recycling of certain critical minerals and metals within the United States and of nonresidential real property used in mining 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 the Interior 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, Interior 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. 1 September 2020

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, 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

2. 1 September 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 September 2020

   Introduced

   Introduced in House

   Source: IntroReferral

4. 10 September 2020

   Referred

   Referred to the Subcommittee on Energy and Mineral Resources.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 1 September 2020 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 September 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 September 2020

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 1 September 2020

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  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. Gooden, Lance [R-TX-5] · R · Sponsor
• Rep. Gonzalez, Vicente [D-TX-34] · D · Sponsor
• Rep. Hurd, Will [R-TX-23] · R · Sponsor
• Rep. Cuellar, Henry [D-TX-28] · D · Sponsor
• Rep. Olson, Pete [R-TX-22] · R · Sponsor
• Rep. Williams, Roger [R-TX-25] · R · Sponsor
• Rep. Weber, Randy K. Sr. [R-TX-14] · R · Sponsor
• Rep. Gaetz, Matt [R-FL-1] · R · Cosponsor
• Rep. Gohmert, Louie [R-TX-1] · R · Cosponsor
• Van Taylor · R · Cosponsor
• Ron Wright · R · Cosponsor
• Rep. Cheney, Liz [R-WY-At Large] · R · Cosponsor
• Rep. Barr, Andy [R-KY-6] · R · Cosponsor
• Rep. Young, Don [R-AK-At Large] · R · Cosponsor
• Rep. Reschenthaler, Guy [R-PA-14] · R · Cosponsor
• Rep. Swalwell, Eric [D-CA-15] · D · Cosponsor
• · hsii00 · Standing
• · hswm00 · Standing

Related records

• related to → RECOVERY Act
• related to → ORE Act
• related to → ORE Act