HR 2688
To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and to support the development of domestic supply chains for rare earth elements and other critical materials essential to United States technology, manufacturing, energy, healthcare and advanced medical devices, broadband infrastructure, transportation, and national defense.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill makes permanent tax breaks to encourage the mining, reclaiming, and recycling of critical minerals and metals within the United States. It allows companies to fully deduct the cost of acquiring these materials and provides a higher percentage depletion rate for mining operations. The bill also establishes a grant program to support pilot projects focused on developing domestic supply chains for essential materials like rare earth elements, bolstering industries ranging from technology and defense to healthcare and infrastructure.
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Primary sponsor
Cosponsors
Jim Hagedorn
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