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Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

H.R. 2849 Rep. Guy Reschenthaler (R-PA-14) In committee
Bill text PDF
  1. Introduced Apr 25
  2. Committee Apr 25
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Apr 25, 2023Next: House vote
1282d ago Apr 25, 2023: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
1company, 1 filing
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Summary

Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023

Full summary2 paragraphs

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.

Library of Congress summary, Apr 25, 2023

Summary versions
  • Introduced in HouseApr 25, 2023

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.