Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023
1/26/2024, 6:15 PMSummary of Bill S 3521
The Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023, also known as Bill 118 s 3521, is a piece of legislation introduced in the US Congress. This bill aims to provide a tax credit to companies that manufacture rare earth magnets in the United States.Rare earth magnets are essential components in many electronic devices, including smartphones, computers, and electric vehicles. Currently, the majority of rare earth magnets are manufactured in China, leading to concerns about the US's reliance on foreign sources for these critical materials.
The tax credit proposed in this bill would incentivize companies to establish or expand rare earth magnet manufacturing facilities in the US, thereby reducing the country's dependence on foreign suppliers. The credit would be based on the amount of rare earth magnets produced domestically and would help offset the costs associated with setting up or expanding manufacturing operations. Supporters of the bill argue that increasing domestic production of rare earth magnets would enhance national security and create jobs in the US manufacturing sector. However, opponents may raise concerns about the potential cost of the tax credit and its impact on the federal budget. Overall, the Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023 aims to promote domestic manufacturing of critical materials and reduce the US's reliance on foreign sources for rare earth magnets. It will be important to monitor the progress of this bill as it moves through the legislative process in Congress.
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Current Status of Bill S 3521
Bill S 3521 is currently in the status of Bill Introduced since December 14, 2023. Bill S 3521 was introduced during Congress 118 and was introduced to the Senate on December 14, 2023. Bill S 3521's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of January 18, 2024Bipartisan Support of Bill S 3521
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3521
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 3521
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023A bill to amend the Internal Revenue Code of 1986 to establish a credit for the domestic production of rare earth magnets, and for other purposes.Comments
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Sponsors and Cosponsors of S 3521
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