United States · Bill · S
S. 3521 (118th)
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
Introduced
14 December 2023
Last action
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Status
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Sponsors
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Subjects
Discovery layer
Source updated
9 January 2026
Summary
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.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 14 December 2023
Introduced in Senate (PDF)
Introduced in Senate · EN · 14 December 2023
Introduced in Senate
summary · EN · 14 December 2023
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Sources
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- Official source: https://www.congress.gov/bill/118th-congress/senate-bill/3521
- Open data entity: https://api.congress.gov/v3/bill/118/s/3521