To amend the Internal Revenue Code of 1986 to establish a credit for the domestic production of rare earth magnets, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This 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., changes federal law or congressional policy affecting importers, exporters, and commercial firms. The main policy domain is Trade, Finance, Transportation.
Who Benefits and How
importers, exporters, and commercial firms may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, importers, exporters, and commercial firms may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H541B6A8552064E36A796C011A8B2BB18: 1. Short title This Act may be cited as the Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023.
- Section H82116C28F88D41D4823ABDFDF10C37E0: 2. Credit for production of rare earth magnets Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding...
- Section HDD6B231D80124BA4AD076077B2139A0F: 45BB. Credit for production of rare earth magnets For purposes of section 38, the credit for production of rare earth magnets determined under this section for...
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
This 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., changes federal law or congressional policy affecting importers, exporters, and commercial firms.
Key Policy Areas
Trade, Finance, Transportation
Primary Purpose
This 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., changes federal law or congressional policy affecting importers, exporters, and commercial firms.
Policy Domains
Whole bill
Identified Gains
- importers, exporters, and commercial firms
Identified Costs
- federal implementing agencies
- importers, exporters, and commercial firms
Sponsors
Legislative Progress
IntroducedMs. Cortez Masto (for herself and Mr. Mullin) introduced the …
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?
- "the_secretary"
- → The Secretary identified in the operative 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