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ONSHORE Manufacturing Act of 2023
1/15/2025, 6:51 PM
Summary of Bill HR 2888
One key aspect of the bill is the establishment of a tax credit for companies that invest in domestic manufacturing facilities. This tax credit is designed to offset some of the costs associated with setting up and operating manufacturing plants in the US. Additionally, the bill includes provisions for grants and loans to help companies with the initial costs of establishing manufacturing operations.
Another important component of the ONSHORE Manufacturing Act is the requirement for federal agencies to prioritize the purchase of goods made in the US. This provision is intended to create a market for domestically manufactured products and encourage companies to keep their production within the country. Overall, the ONSHORE Manufacturing Act of 2023 is aimed at boosting the US manufacturing sector and creating more jobs for American workers. By providing incentives and support for domestic manufacturing, the bill seeks to strengthen the country's economy and reduce reliance on foreign-made goods.
Congressional Summary of HR 2888
Obtaining National and Secure Homeland Operations for Rare Earth Manufacturing Act of 2023 or the ONSHORE Manufacturing Act of 2023
This bill sets forth provisions to support secure supply chains of rare earth elements. A rare earth element means a natural element associated with (1) the metallic element scandium, with atomic number 21; (2) the metallic element yttrium, with atomic number 39; or (3) any of the series of 15 metallic elements between lanthanum, with atomic number 57, and lutetium, with atomic number 71, on the periodic table.
The Department of Energy (DOE) must establish a program that provides financial assistance for facilities located in the United States that produce finished rare earth products from purified rare earth elements. Financial assistance may be provided to (1) construct such facilities, (2) support workforce development for the facilities, or (3) support site development and technological upgrade for facilities.
The Department of the Treasury may establish the Minerals Security Partnership Fund to support the development and adoption of a secure supply chain for rare earth elements.
DOE must also establish an initiative with educational, workforce training, and apprenticeship programs relating to advanced rare earth element mining, separation, processing, metallurgy, and advanced equipment maintenance capabilities.
In addition, the President must develop a plan of action for using the authorities available under the Defense Production Act of 1950 to establish or enhance a domestic production capability for finished rare earth products and related technologies.
