Critical Mineral and Extraction Tax Parity Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Critical Mineral and Extraction Tax Parity Act, amends the Internal Revenue Code to expand and improve the advanced manufacturing production tax credit. Specifically, it adds boron, copper, lead, metallurgical coal, potash, rhenium, silicon, silver, and uranium to the list of ‘critical minerals’ eligible for the credit. It also allows for the inclusion of ore extraction costs in the credit if certain conditions are met, such as a certification from a refiner and the ore being extracted in the United States or from a non-foreign country of concern. Finally, it removes a reduction in the credit amount for metallurgical coal.
Key provisions
- Expands the list of ‘critical minerals’ eligible for the advanced manufacturing production tax credit to include boron, copper, lead, metallurgical coal, potash, rhenium, silicon, silver, and uranium.
- Allows for the inclusion of ore extraction costs in the tax credit, subject to specific certification and sourcing requirements.
- Requires a certification from a refiner to verify that ore has been refined into a critical mineral.
- Limits the inclusion of extraction costs to ore extracted in the United States or from non-foreign countries of concern.
- Removes a 2.5% reduction in the tax credit amount for metallurgical coal.
Who is affected
- Manufacturers
- Mineral extractors
- Taxpayers
- The refining industry
- The United States economy
Notable changes
Bill text
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Sponsors
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17 on record
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