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Rare Earth Magnet Security Act of 2025

H.R. 1496 Rep. Guy Reschenthaler (R-PA-14) In committee
Bill text PDF
  1. Introduced Feb 21
  2. Committee Feb 21
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Feb 21, 2025Next: House vote
614d ago Feb 21, 2025: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
1company, 6 filings
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Companies lobbying on this bill

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Summary

This bill creates a tax credit for companies that manufacture and sell high-performance rare earth magnets in the United States. It adds a new section to the Internal Revenue Code to provide this credit, which is part of the general business credit.

Sec. 2, Credit for production of rare earth magnets: The bill establishes a credit of $20 per kilogram for rare earth magnets produced in the U.S. and sold to an unrelated person. A higher credit of $30 per kilogram applies if at least 90% of the magnet's component rare earth materials by weight are also produced in the U.S. The credit phases out starting in 2035, dropping to 70% of the base amount in 2035, 35% in 2036 and 2037, and ending after 2037. No credit is allowed if any component rare earth material comes from a non-allied foreign nation, with a delayed restriction until 2027 for dysprosium, terbium, samarium, and gadolinium. The credit only applies to magnets made in the ordinary course of a trade or business. The Secretary may allow a lower coercivity magnet to qualify if made by an eligible manufacturer with a grant or contract from the Department of Energy or Defense. Taxpayers can elect to treat the credit as a payment against tax. The amendments apply to taxable years beginning after December 31, 2024.

Summary of the bill text as introduced in House (Feb 21, 2025), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 28, 2026.