H.R. 5033 · 117th Congress
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021
- Stage
- In committee
- Sponsor
- Eric Swalwell
- Introduced
- 2021-08-13
- Latest action
- 2021-08-13 · Introduced in House
Summary
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021
This bill allows a new tax credit for the domestic production of rare earth magnets manufactured in the ordinary course of a taxpayer's trade or business. The bill defines rare earth magnet as a permanent magnet comprised of (1) an alloy of neodymium, praseodymium, iron, boron, terbium, or dysprosium; or (2) an alloy of samarium, gadolinium, and cobalt.