Critical Minerals Investment Tax Modernization Act of 2026
- Introduced Mar 10
- Committee Mar 10
- Passed Senate Next
- Passed House Not yet
- To President Not yet
- Law Not yet
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Summary
This bill amends the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths. It modifies the tax treatment of mining activities for these minerals.
Sec. 2, Adjustment of percentage depletion rate for certain rare earths: This section adds rare earths (defined as the 15 lanthanide elements) and scandium to the list of minerals eligible for a 22 percent depletion rate under section 613(b)(1)(B) of the Internal Revenue Code. The change applies to taxable years beginning after the date the bill is enacted.
Summary of the bill text as introduced in Senate (Mar 10, 2026), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.
Actions
- SenateIntroduced in SenateMar 10, 2026
- SenateRead twice and referred to the Committee on Finance.Mar 10, 2026
Bill record
Text versions1
- Introduced in SenateMar 10, 2026PDF: Introduced in Senate
Committees1
- Senate Finance CommitteeReferred To Mar 10, 2026
Sponsor and cosponsors0 cosponsors
- Sen. Jon Husted (R-OH)Sponsor, Mar 10, 2026
Amendments0
No amendments offered
Cost estimates and reports0
No cost estimate or committee report yet
Titles2
- Critical Minerals Investment Tax Modernization Act of 2026Short Title(s) as Introduced
- A bill to amend the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths, and for other purposes.Official Title as Introduced
Subjects1
Related bills1
- H.R. 4772 119th, Related bill Critical Minerals Investment Tax Modernization Act of 2025
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 28, 2026.