To amend the Internal Revenue Code of 1986 to establish a credit for the domestic production of rare earth magnets, and for other purposes.
Summary
What This Bill Does
The bill creates short title This Act may be cited as the Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023, creates credit for production of rare earth magnets The Internal Revenue Code of 1986 is amended by inserting the following new section after section 45AA: 45BB.Credit for production of rare earth magnets (a)In general, and creates 45BB. Credit for production of rare earth magnets. It relies on tax credits, product standards, definition changes, and compliance mandates. The main policy areas are Regulated Industries and Finance.
Who Benefits and How
Lobbyists, political organizations, and disclosure users affected by the bill could face lower compliance burdens, Businesses and employers affected by the bill could face lower compliance burdens, and Regulated entities and members of the public affected by the bill could gain revenue opportunities.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Public beneficiaries or protected communities affected by the clause could face increased risk.
Key Provisions
- Creates short title This Act may be cited as the Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023.
- Creates credit for production of rare earth magnets The Internal Revenue Code of 1986 is amended by inserting the following new section after section 45AA: 45BB.Credit for production of rare earth magnets (a)In general...
- Creates 45BB. Credit for production of rare earth magnets.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023, creates credit for production of rare earth magnets The Internal Revenue Code of 1986 is amended by inserting the following new section after section 45AA: 45BB.Credit for production of rare earth magnets (a)In general, and creates 45BB. Credit for production of rare earth magnets.
Key Policy Areas
Regulated Industries, Finance
Primary Purpose
The bill creates short title This Act may be cited as the Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023, creates credit for production of rare earth magnets The Internal Revenue Code of 1986 is amended by inserting the following new section after section 45AA: 45BB.Credit for production of rare earth magnets (a)In general, and creates 45BB. Credit for production of rare earth magnets.
Policy Domains
Whole bill
Identified Gains
- Lobbyists, political organizations, and disclosure users affected by the bill
- Businesses and employers affected by the bill
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Public beneficiaries or protected communities affected by the clause
Sponsors
Legislative Progress
IntroducedMr. Reschenthaler (for himself and Mr. Swalwell) introduced the following …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology